Sr$_3$LiIrO$_6$: a potential quantum spin liquid candidate in the one dimensional $d^4$ iridate family

Spin-orbit coupling (SOC) offers a large variety of novel and extraordinary magnetic and electronic properties in otherwise `ordinary pool' of heavy ion oxides. Here we present a detailed study on an apparently isolated hexagonal 2$H$ spin-chain $d^4$ iridate Sr$_3$LiIrO$_6$ (SLIO) with geometric frustration. Our structural studies clearly reveal perfect Li-Ir chemical order in this compound. Our combined experimental and {\it ab-initio} electronic structure investigations establish a magnetic ground state with finite Ir$^{5+}$ magnetic moments in this compound, contrary to the anticipated nonmagnetic $J$=0 state. Furthermore, the dc magnetic susceptibility ($\chi$), heat capacity ($C_p$) and spin-polarized density functional theory (DFT) studies unravel that despite having noticeable antiferromagnetic correlation among the Ir$^{5+}$ local moments, this SLIO system evades any kind of magnetic ordering down to at least 2 K due to geometrical frustration, arising from the comparable interchain Ir-O-O-Ir superexchange interaction strengths, hence promoting SLIO as a potential quantum spin liquid candidate.