I'm sorry I missed to update the solution to this issue. It appeared to be a very peculiar issue. I raised a PMR at IBM and it was resolved by hard restarting the Physical server completely after which the native libraries were loaded fine.
My guess is that Some other JVM instance of the same JRE were still running , which might have created the issue.
Anyways if any of you happen to face this issue, hard restarting the server could be a solution to be considered as it resolved in my case.
Regards,
Chandru