Issue while patching the database post to 12c upgrade

Connecting to database...OK
catcon: ALL catcon-related output will be written to /u02/app/oracle/cfgtoollogs/sqlpatch/sqlpatch_2556730_2016_11_25_10_54_39/sqlpatch_catcon__catcon_2556730.lst
catcon: See /u02/app/oracle/cfgtoollogs/sqlpatch/sqlpatch_2556730_2016_11_25_10_54_39/sqlpatch_catcon_*.log files for output generated by scripts
catcon: See /u02/app/oracle/cfgtoollogs/sqlpatch/sqlpatch_2556730_2016_11_25_10_54_39/sqlpatch_catcon__*.lst files for spool files, if any
Bootstrapping registry and package to current versions...done
  Error in bootstrap log /u02/app/oracle/cfgtoollogs/sqlpatch/sqlpatch_2556730_2016_11_25_10_54_39/bootstrap_db_name.log:
    Error at line 26: ORA-00406: COMPATIBLE parameter needs to be 12.0.0.0.0 or greater
    Error at line 76: Warning: Package Body created with compilation errors.
    Error at line 82: 78/5     PL/SQL: SQL Statement ignored
    Error at line 83: 78/12    PL/SQL: ORA-00942: table or view does not exist
    Error at line 84: 80/5     PL/SQL: SQL Statement ignored
    Error at86767 line 85: 80/17    PL/SQL: ORA-00942: table or view does not exist
    Error at line 86: 117/5    PL/SQL: SQL Statement ignored
    Error at line 87: 132/10   PL/SQL: ORA-00942: table or view does not exist
    Error at line 88: 151/5    PL/SQL: SQL Statement ignored
    Error at line 92: 151/12   PL/SQL: ORA-00942: table or view does not exist
Prereq check failed, exiting without installing any patches.


Now,The patching has failed with the above errors 

There are 3 solutions for the issues
1.Change compatible parameter in the pfile or spfile
  --It has been observed the changing the compatible to 12.1.0 will create performance issues and may cause problems with final deliveries to the client.
--And once the Compatible parameter has been changed to 12c , then the downgrade is not possible unless you're restoring it from 11g pre-upgrade backup

2. As per MOS it's bug ; Bug no :24386767 and MOS doc id 24386767.8
According to which Bugfix is developed to resolve this issues

3. The same solution is provided in 2016 Q4 PSU patch release 

The feasible solution will be to apply PSU patch and rule-out the error

Enjoy working ...!!!