Nidhin's steps are correct if you want to delete the feature class. You also mentioned something about importing a newly-created feature class "referring to the same data content". If you want to add a new feature class to your dataset, then use copy/paste, Feature Class to Feature Class, or the Import tool to bring your new data in and then register it as versioned thereafter. But if the new data you wish to add has the same field structure and geometry type as what you are considering to delete, then consider using Nidhin's steps but instead of the final step of deleting the feature class you could insert your new records by way of the Simple Data Loader (right click feature class in ArcCatalog and pick Load) or by way of copy/paste in an ArcMap edit session or by way of the Append tool. Each method has its advantages, but my point is that you shouldn't have to delete the feature class and re-create it (along with any of its permissions) if the goal is simply to get new records into it. In the case I just described, once the new records are loaded you would then re-register it as versioned.
