In the age of ChatGPT and intensifying usage of Artificial Intelligence, Intellectual Property Rights (IPR) faces new questions and hurdles. This study aims to navigate and traverse the disputed landscape of IPR protection and regulation of AI-generated creations with a specific focus on the technology of ChatGPT. Through examination of IPR laws, IPR court rulings, and international legal frameworks, this paper attempts to identify gaps in the law as it stands today and to make suggestions toward a strong legal framework that both encourages innovation as well as protect the rightful interests. This paper is the first to pronounce the need for a subdivided, yet sweeping reformation of IPR laws in order to fit into the uniqueness and nature of AI technologies. This paper also has implications for innovators, consumers, and society at large, furthering the discussions and reach of law and technology. The paper presents a concatenated narrative between an extensive analysis and knowledge of ChatGPT and similar AI technologies for the first time and can assist future discussions and legislative efforts to this field in India.