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LI folks please help me understand what exactly is the aibe exam.

And does one have to register for the state bar council and all india bar council seperately.
You need to enroll on your state bar council and then appear for AIBE to be fully licensed as a practicing advocate in India. Till you clear the exam, your enrollment will be provisional and valid for two years. There's no requirement for any other enrollment.
Is there any advantage of enrolling on Delhi State Bar Council over other states?
People who have registered with the Bar council-

What documents are required for registration? Also I only have my marksheets...it will take some time before I receive my degree so will that be a hindrance?
Do different state bar councils have different benefits? I have seen many people prefer to delhi or mumbai