After witnessing nothing but acrimony between his bickering Mumbai-based parents, Kishen and Mala Chopra, Bunty refuses to marry his girlfriend, Tanya Gonsalves. He is then introduced to her eccentric grandfather, Professor Anthony Gonsalves, and finds that the latter has invented a time-travel machine. Bunty travels back in time - specifically Holi 1975 - when Mumbai was called Bombay and gets to meet his parents when they were younger. He is shocked to find his buck-toothed wimpy father, and his mother - a goon-like tomboy. Amidst the terror of Raman Raghav, the impending Emergency of former Prime Minister Indira Gandhi, banning of multinationals - including Coca Cola - and the Charisma of superstar Rajesh Khanna - he sets about to try and set things right between not only his bickering parents but also his feuding grandparents. He will soon find out that his mother has another admirer - who will not leave any stone unturned to marry her.

In the early 60s, two boys - Ignacio and Enrique - discover love, movies and fear in a Christian school. Father Manolo, the school principal and Literature teacher, both witnesses and takes part in these discoveries. The three characters come against one another twice again, in the late 70s and in 1980. These meetings are set to change the life and death of some of them.