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Academic institutes generate a plethora of intellectual property (IP). In India, the national institutional ranking framework (NIRF) by the Ministry of Education (MoE) provides certain weightage to IPR. However, there is a huge gap between IP generation among the Institute of Eminence (IoE) and other universities. In this paper, the authors have tried to identify various types of IPs generated by both types of academic institutes and tried to structure them in the 'IP Audit framework' developed by Gargate and Jain. The two case studies considered for comparison are a central university and IoE from India. The study output may help to understand the difference in IP generation at these two different sets of academic institutes. Authors have also suggested modifications to the 'IP audit framework'. The authors have adopted an exploratory case study methodology.