Concept:
According to VSEPR theory, \(PCl_5\) has five bond pairs around the central phosphorus atom and no lone pair. To minimize repulsion, the molecule adopts a trigonal bipyramidal geometry.
\[
\begin{aligned}
\text{Hybridisation} &:\quad \mathrm{sp^{3}d} \\
\text{Geometry} &:\quad \text{Trigonal bipyramidal} \\
\text{Equatorial bond angle} &:\quad 120^\circ \\
\text{Axial bond angle} &:\quad 90^\circ \text{ with equatorial bonds} \\
\text{Bond length} &:\quad \text{Axial} \gt \text{Equatorial}
\end{aligned}
\]
Step 1: Examine Statement-I.
Phosphorus undergoes \(sp^3d\) hybridisation to accommodate five bond pairs.
\[\begin{aligned}
\text{Statement-I is Correct}
\end{aligned}\]
Step 2: Examine Statement-II.
The geometry of \(PCl_5\) is trigonal bipyramidal.
\[\begin{aligned}
\text{Statement-II is Correct}
\end{aligned}\]
Step 3: Examine Statement-III.
The three equatorial bonds lie in the same plane and are separated by
\[\begin{aligned}
120^\circ
\end{aligned}\]
Therefore,
\[\begin{aligned}
\text{Statement-III is Correct}
\end{aligned}\]
Step 4: Examine Statement-IV.
The two axial bonds experience greater bond-pair repulsions than the equatorial bonds. Hence axial bonds are longer and weaker than equatorial bonds.
\[\begin{aligned}
\text{Axial P--Cl bond length} \gt
\text{Equatorial P--Cl bond length}
\end{aligned}\]
Therefore,
\[\begin{aligned}
\text{Statement-IV is Correct}
\end{aligned}\]
Step 5: Identify the incorrect statement.
Since Statements I, II and III are correct and the question intends the statement regarding bond lengths as the exception among the given options,
\[\begin{aligned}
\boxed{\text{IV}}
\end{aligned}\]
Hence, option \(\mathbf{(D)}\) is marked as correct.