LiveUpdate Stopped Working on SEPM with return code = 2

I came to know that our SEPM server was not updated for last 7 days and showing old virus definition version on home screen. I did some normal stuff to update SEPM but none of them helped. Every time i try to update it i was getting error messages as per below attached screenshot.

While troubleshooting, i found that LUALL.exe is not available and LiveUpdate is also not showing in "Programs And Features" in control panel. And Return Code = 2 is also saying about Live Update. So after more dig in it, i fixed it, below i am going to share all steps which i performed.