My choice will forever be IIM Udaipur solely because of the IIM tag. I know people will criticize me for this mindset but one cannot ignore the IIM brand name. Moreover IIT is a top technical institute but it’s a fact that its Management Department is not at par with the top B Schools. 

• IIM Udaipur curriculum is way more rigorous and structured than that of IIT Madras.
• The 2-year flagship courses offered by IIMs just does not groom you academically but mentally also. It makes you ready to step into the real corporate world.
• The curriculum at IIMs are very demanding and require a lot of determination, hard work and sacrifices on the part of students. This disciplines them and also grooms their personality.
• The quality of peer learning is excellent at IIMs as you interact with masterminds from various backgrounds and fields.

Overall I feel curriculum-wise IIM has more to offer than an IIT simple because of the fact that it specializes in the field.