Hey,

I won't say that's impossible but I won't suggest you go for it; reason being, that the syllabus for both of the examinations concerned has a rigorous curriculum and syllabus that needs utmost dedication and sincerity. I can break it down for you syllabus wise for better clarity.

For instance, your syllabus for IPMAT is divided into 3 sections namely-

1. Quantitative Ability- MCQ

2. Verbal Ability

3. Quantitative Ability- SA

For CLAT, the syllabus has been divided into the following categories:

1. General Knowledge and Current Affairs
2.Mathematics with Numerical Ability

3. Mathematics with Numerical Ability

4. Legal Aptitude

5. Logical Reasoning

Though there are similarities in the syllabus on some levels where verbal ability and quantitative aptitude sections are present in the syllabus of both; it is important that you understand that both examinations very different on subject-matter level. IPMAT is an entrance exam for MBA, hence, it focuses on the analytical and management-focused knowledge, primarily whereas CLAT is an entrance exam for various law courses which is more focused on the rational-legal knowledge along with precision in logical reasoning. 

Hence. going for both of them might hamper your overall preparation of both of the examinations.

Well, in case you still are willing to pursue the same, I'll suggest you go through previous year question papers for a better understanding of the pattern, that way you can be smart about learning and you might be able to manage your time for preparation for both of the exams. 

Further, go for as many mock tests as you can, it will definitely help you in preparation of both since mock tests are for providing the student with a better understanding of question paper pattern and to familiarize with the content in concern.

I hope this helps you in making a better decision.

Good Luck!