Reload or restart air application by code.

Do you mean you mean while inside the running app, you want to do a full restart of the same app itself?

Generally you could "simulate" an app reset but the app never really closes.

Im not sure exactly what you need to do.

I believe Myflashlabs makes ANEs that can launch apps and even do so on a specific time? (Alarm ANE)

So technically its probably possible to exit app and havd it start again a few seconds later but i dont know why one would do that