Well, if you both have intentional grounding, you also both should have an incomplete pass and should have blown the whistle.
If that's what you did, and you subsequently determined that the pass was definitely backwards, it's an IW, and the offense can either count the down at the spot of the pass (they won't) or replay the down (they will). The flag for IG has to be waved off.
If you didn't blow the whistle and let the play continue, you clearly have to wave off the IG flag since it wasn't a forward pass.
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