Resolution:
This is a known issue with TIBCO BusinessWorks Collaborator (BWC) 5.4 and TIBCO BusinessWorks Formbuilder (BWFB) 5.2 since there are some conflicts of more than one version of same jar files in different locations.

This fixed the issue in BWFB 5.3. After installation, you might need to prepend &ltbwfb>/5.3/lib/TIBCOffwarchiver.jar to variable tibco.class.path.extended in &lttra home>/5.5/bin/domainutility.tra.

If upgrading to BWFB 5.3 is not an option for now, here is a workaround:
To solve the problem, please open &ltbwc home>/5.4/bui/config/generate_seed.xml, and do the following changes:
1. Add   &ltexclude pattern="^lib/repository_mappers/designerobjectrepomapper.jar"/>
    after &ltadddir path="${TIBCO_TRA_HOME}" recursive="true" to="${TARGET_WAR_LIB_DIR}" manifestjar="${TRAlib}">
               &ltfilefilter>
    
2. Add    &ltexclude filename="true" pattern="ant.jar"/>
              &ltexclude filename="true" pattern="commons-logging.jar"/>                  
    after &ltadddir path="${TIBCO_TPCL_HOME}/tomcat" recursive="true" to="${TARGET_WAR_LIB_DIR}" manifestjar="${TOMCATlib}">
    &ltfilefilter>

After this, please launch domain utility to re-create deployment platform again. A sample configuration file generate_seed.xml is also attached.