You should have let the installer install to its default location, which is /home/pranav/Jts/ibgateway/1022
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This being the case, IBC should find the jars folder at /home/pranav/Jts/ibgateway/1022/jars. If it¡¯s not there, it must be because you didn¡¯t use the installer¡¯s default location.
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If you actually used the TWS installer, the default location would be /home/pranav/Jts/1022, and the jars folder would be at /home/pranav/Jts/1022/jars
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Since IBC isn¡¯t finding the jars folder, either you didn¡¯t install the standalone (offline) version, or you changed the installer¡¯s location from the default.
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By the way, you don¡¯t seem to have successfully deployed the updated IBC.jar and version files, as your logfile still says it¡¯s IBC 3.16.2, not 3.16.3.