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In this paper, an attempt has been made to understand the parametric excitation of a periodic orbit of nonlinear oscillator which can be a limit cycle, center or a slowly decaying center-type oscillation. For this a delay model is considered with nonlinear feedback oscillator defined in terms of Liénard oscillator description which can give rise to any one of the periodic orbits stated above. We have characterized the resonance and antiresonance behaviour for arbitrary nonlinear system from their stability and bifurcation analyses in reference to the standard delayed van der Pol system. An approximate analytical solution using Krylov--Bogoliubov (K-B) averaging method is utilised to recognize the sub-harmonic resonance and antiresonance, and average energy consumption per cycle. Direction of Hopf bifurcation and stability of the periodic solution bifurcating from the trivial fixed point are carried out using normal form and center manifold theory. The parametric excitation is also thoroughly investigated via bifurcation analysis to find the role of the control parameters like time delay, damping and nonlinear terms.