This paper presents a discussion of ChatGPT, an AI-powered chatbot developed by OpenAI, and the technology behind it. This work provides a brief history of the Generative Pre-trained Transformer (GPT) model, which is the backbone of ChatGPT, and its ability to perform various language-based tasks. It further explores how ChatGPT leverages GPT's capabilities to offer a sophisticated chatbot experience to users and its role in students’ teaching-learning process. It includes an interview with ChatGPT, which highlights the potential benefits and threats of using this technology by students and for the purpose of teaching-learning and in academia. Finally, the article discusses on the outcomes of a survey conducted on undergraduate college students of Delhi and analyzes the responses to conclude on students’ perception on the use of ChatGPT and its impact on teaching-learning processes, and subsequently presents some recommendations on the same.