I want to take complete veritas backup from live server including OS/DB/APPLICATION and same to be restored on the test server in 1 attempt. is it possible.

else what is the easiest way to restore in 1 attempt.

any idea???

It must be possible for Application and Database. However I would not recommend restoring an operating system on a different server. I would prefer a fresh O.S. install on the test server and afterwards restoring the Baan application, database and data. Furthermore I is quite difference if you're on Unix/Linux or Windows.
If you restore Baan be aware about the licence meganism, this close related to your hardware and the only way to use test and production is to use the SLM module.