Resolution:
There is a bug in the scripts (setenv.sh, setenv.csh) where the hardcoded value PA_RISC2.0 is used. To workaround it you need to change the SHLIB_PATH in setenv files as below:
For PA 1.1 box:
SHLIB_PATH=$TIBCO_JAVA_HOME/jre/lib/PA_RISC/hotspot:$TIBCO_JAVA_HOME/jre/lib/PA_RISC:${SHLIB_PATH:+$SHLIB_PATH}
For PA 2.0 box:
SHLIB_PATH=$TIBCO_JAVA_HOME/jre/lib/PA_RISC2.0/hotspot:$TIBCO_JAVA_HOME/jre/lib/PA_RISC2.0:${SHLIB_PATH:+$SHLIB_PATH}