Hi Srikrishna Podduturi,
No, not to my knowledge. In Kentico decompiled dlls I've seen that they are checking on a folder basis. For example, if there is a media library folder
/library1/folder1/folder2 Kentico gets all the physical files by this path and checks if they are existing in the database (table Media_File, column FilePath). If not, Kentico shows these files as available to be imported.
It might be hard to replicate this logic for entire library as it might be performing slow (especially if you're going to use Azure or Amazon storage for media files). Instead, you can introduce some sort of "Import" folder: drop the files to import in this folder and Kentico task will check and import those files into the library and remove from "Import" folder in case of success. I would have done it this way.