Not able to debug JBoss remotely from IntelliJ

I am using IntelliJ 9.0.4 (bought the license :)) and running into an issue running JBoss in a debug mode. I have the following setup in run.bat for JBoss (version 4.3):

set JAVA_OPTS=-Xdebug -Xrunjdwp:transport=dt_socket,address=5003,server=y,suspend=n %JAVA_OPTS%

I have changed the settings on IntelliJ side to specify the port 5003, but I am running into the error:

Error running JBoss remote: Unable to connect to the localhost:1099

Help is much appreciated