Thanks Richardson.
But I have gone through all these and everything is configured correctly. If I move the vmk back to the vSS/vDS with the physical NICs that were previously bound to the vmk, I am able to successfully create the iSCSI binding. I am trying to bind the vmk to vDS with different set of physical NICs which I am not able to. I am using hardware dependent iSCSI initiator. When I try to bind the vmk, it lists the old physical NIC that the vmk was previously bound to and says the physical NIC is not compliant coz it doesnt have association with a vmk. Seems like the vmhba is stuck with the old physical NIC. I need to break that bond.