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.