  We argue for the existence of a liquid ground state in a class of square
lattice models of orbitally degenerate insulators. Starting with the SU(4)
symmetric Kugel-Khomskii model, we utilize a Majorana Fermion representation of
spin-orbital operators to access novel phases. Variational wavefunctions of
candidate liquid phases are thus obtained, whose properties are evaluated using
Variational Monte Carlo. These states are disordered, and are found to have
excellent energetics and ground state overlap ($>40%$) when compared with exact
diagonalization on 16 site clusters. We conclude that these are spin-orbital
liquid ground states with emergent nodal fermions and Z$_2$ gauge fields.
Connections to spin 3/2 cold atom systems and properties in the absence of
SU(4) symmetry are briefly discussed.
