Hi RB,
You are correct to say that restoring from VG backup will work if SID and hostname is to remain same (as in my case).I resolved this issue by fresh restoration of datavg and rootvg.I asked AIX team to retain the source hostname in new server.Then I did corresponding changes in host file as ip is still different.I created this new entry in market place to apply for new license (as hardware key is different now).After application of this new license I cud bring the system up.
Thanks
Aditya