Resolution:
In the following function call,

tibrv_status tibrvTransport_CreateLicensed(tibrvTransport* transport, const char* service,const char* network,
const char* daemon, const char* licenseTicket);
    
licenseTicket : Embed this special license ticket in the transport object.  When a licensed transport connects to rvd,
it presents this special ticket to validate its connection (rvd uses the longest-running ticket available, which can be either
this special ticket, or a ticket from the ticket file, tibrv.tkt) Ordinary license tickets are not valid for this parameter;

You have to use the enbedded license with the above call.  The format of the embedded license will be like
"TIBAE-IC 81340e never cDgT-dZC-vbs-HL9Z-zK7-Ved-h0Lu"

If you use the regular license key, "Invalid Arguments" will be thrown.