Resolution:
Add the following properties to the application tra files:
  --------------------------------------------------------------------  
  Jmx.Enabled=true
  java.property.com.sun.management.jmxremote=true
  java.property.com.sun.management.jmxremote.port=&ltport#>
  java.property.com.sun.management.jmxremote.authenticate=false
  java.property.com.sun.management.jmxremote.ssl=false
--------------------------------------------------------------------  

  For non-NT-service applications, just restart your application.
For NT-service applications, you have to use wrap.exe to uninstall and re-install your NT-service after changing your tra files.

<---------
      cd tibco\tra\domain\frankCADir\application\testPrj
      c:\tibco\tra\5.6\bin\wrap --propFile testPrj-Process_Archive.tra --uninstall
      C:\tibco\tra\5.6\bin\wrap --propFile testPrj-Process_Archive.tra --install
----->

Please note, JConsole can not detect TIBCO product automatically if applications are started from Admin GUI or running as NT-service but can be monitored as remote processes by providing &lthost-name>:&ltport-number> in JConsole.

How to monitor applications with JConsole if they are started from admin gui or running as Window NT service?