Hi Bala,
When you say:
We have our DataCenter core switches composed of redundant 2*Cisco 6504 switches. The redundant switch / Chassis went down due to hardware issue and we have got the replacement switch available now.
Are you talking about HSRP/VRRP redundancy or hardware redundancy. If you are talking about HSRP/VRRP, you can configure the new switch to be in the same VRRP/HSRP group and bring it up as the stand-by switch.
If you are refereeing to hardware redundancy i.e. sup redundancy or chassis redundancy then your switches need to be configured as VSS, so one switch would be the primary and the other switch stand-by, but you need specific hardware like sup-720-VS or sup-2T with specific line cards to be able to do this.
Can you provide more details as what you are trying to do?
HTH