  A microscopic model for the FeAs plane in the newly discovered Iron-based
superconductors is proposed with the emphasis on the role of the orbital
degeneracy between the Fe $3d_{xz}$ and $3d_{yz}$ orbital in the crystal field
environment. The model predicts commensurate antiferromagnetic ordered ground
state for the parent compounds and a d-wave superconducting ground state at
finite doping. Inter-orbital couplings plays an interesting role in enhancing
both orders. Correlated variational wave functions are proposed for both
ordered phases.
