Is there a way to report the bug to JIRA on test failure through framework code. ??

Here's the top level help topic on integrating with issue tracking systems.  Walk through this for getting the information you need.

https://support.smartbear.com/testcomplete/docs/working-with/integration/issue-tracking/index.html

Note that the JIRA interface is a Script Extension and, as far as I can tell in reading, it's not something that can be done via script code to report a bug.

Just as a side note:

I don't personally like the idea of having automated tests send the bugs to the bug tracking system.  Case in point, my current project.  I recently ran into a situation where a test case was failing.  Nothing was working properly at all and it initially presented as a bug.  Running as test automation, each time I run the test, the same error is generated.  If I had test automation set up to send the error as a bug, each test run it would create a new bug.  A lot of code and such would need to be written to check to see if the bug had already been reported and, if so, to skip reporting.  Turns out, it was not a bug but an undocumented configuration requirement.  If TestComplete had reported it as a bug, we'd have all these useless bug reports in our tracking system.

Notifying of errors via e-mail or other messaging is one thing.  This prompts the automation team to investigate and triage the situation to determine if it's really a bug.  But automatically generating bug reports seems like a bad path.