After barely making it through their Secondary School Certificate examinations, Ritesh Virani, whose father is a Kabadia, is unable to get admission in any college. He is not the only one though, his pals Pooja Nigam and Nanj Nair are also in the same leaky boat. They attempt in vain to secure admission through the father of their scholarly pal, Vishnu Vardhan. Then Ritesh's father decides to fire his hired help and get his son to do the work, and Pooja's dad decides to get her married, the desperate friends get together and concoct a fake college 'Fakirchand And Lakirchand Trust University', with the help of their money-lender friend, Google Chand. They recruit school-teacher, Baaji Rao, as Principal, whose performance is unacceptable by his school principal due to lewd references to 'Munni's Badnami' and 'Sheila's Jawani'. Google Chand offers them a derelict mansion in Panchgani, which they must renovate, invite their respective parents and show them that they have finally been accepted in college. Things get out of hand when scores of youngsters with poor marks show up, insisting on being admitted. Unable to handle the situation, the group let things ride - but not for long - for soon the police and Mr. Vardhan will get involved - threatening to burst their bubble once and for all.