Hello ThaveshinP,
Please check this article:
https://www.symantec.com/connect/forums/lu1825-liveupdate-could-not-understand-how-install-update-you-may-need-get-latest-version-liv
Verify the version of Liveupdate or try reinstall, clean the LOGCATALOG.
https://support.symantec.com/en_US/article.TECH171060.html