Parameters

So after after some Infosessions that I have attended, here's the crux of what B schools are looking for in the application package:

Demonstrated Leadership and excellence
Awareness of surroundings and ability to learn from it
Ethics n morals
Initiative
Perseverance
Creativity
Community empathy
Communication abilities
Emotional intelligence
Teamwork
Passion

Though not an exhaustive list, it covers most of the traits that matter. Apart from this, they really expect us to know the school well.