Hi, Thanks for your confirmation,
I am trying to modify the ImporterActionExecuter.java and not able to get any methods in NodeService.java that can replace/update a content/folder in the application.
I also found that the update action of a content in the UI is using separate bean(ContentUpdateBean.java) to update the content.
I am trying to modify the code in FileFolderServiceImpl.java 
        try
        {
            assocRef = nodeService.createNode(
                    parentNodeRef,
                    ContentModel.ASSOC_CONTAINS,
                    assocQName,
                    typeQName,
                    properties);
        }
        catch (DuplicateChildNodeNameException e)
        {
            throw new FileExistsException(parentNodeRef, name);
        }
Help me in guiding any option to update/replace the content.
Harish