State Advocate General A L Somayaji made the submission before Justice K K Sasidharan, hearing a batch of petitions by students seeking a direction to the government to take over the college at neighbouring Tiruvallur.
The Judge reserved orders without mentioning any date.
The AG said the government was prepared to consider taking over the college provided the assets and liabilities of the institution were disclosed.
"In case the court directed the state government to take over the college, the government is prepared to take over the institution without liability".
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However, on November 25, the AG made a mention before the Judge that he wanted to make a statement on behalf of the state government, following which the matter was posted to yesterday when it was argued at length again.
During the resumed hearing today, the AG made the offer of the state government on takeover.
The counsel for the college opposed it, saying the issue was pending before the Supreme Court.
She also offered to produce a copy of the Supreme Court order tomorrow, following which the Judge reserved orders again.