What Wayne has said is partially true.

This is the most definitive rule, to cover that issue.

use I when you are referring to the subject, and me when it is the object. Viz. Niti, Bill Gates and I went to lunch, and I paid.

But you will use me when it is the object.

Viz. Niti and Bill gates went to lunch, but they asked me for money.

http://www.wsu.edu/~brians/errors/myself.html

Read the last para carefully.

So in effect: IT IS I is correct :)