Jaiprakash Ltd. is on the verge of liquidation. However, the management of the company

is unaware of the legal provisions of liquidation. It has approached you seeking answers

to their queries. You are required to:

(i) elaborate on the various modes available with the company to undergo liquidation as

per the provisions of Companies Act, 2013.

(ii) What consequences will the company have to face once the liquidation process

commences?

(iii) Provide them with the necessary guidance with respect to the preferential sequence

for the repayment of its dues or other necessary payments.

(iv) Briefly highlight the exceptions to preferential payments in order to assist the

company.