Yes, though as mentioned be prepared possibly to lose funding. The project may be offered to someone else, delayed further because funding has to be reapplied for or cancelled on refunding to funding body.
Alternatively, the student may be allowed to proceed as self-funded, with the student being left either to fork out themselves or apply and / or look for funding themselves.
A better option if you really need to delay is possibly to start the project, see how it goes then suspend for six months (plus statutory maternity leave if this is the reason) avoiding the loss of funding.
Ian