GHAYAL ONCE AGAIN starts off 15 years from where the first version left off. The film goes into the flashback mode wherein Ajay Mehra (Sunny Deol) shoots the villainous Balwant Rai (late Amrish Puri) and goes to jail. Years later, despite the fact that Ajay gets released from the jail, he still gets haunted by the flashes of the years gone by in his life. Ajay, who now is the chief of a news agency named ‘Satyakaam’, fights for every bit of the truth through his newspaper. And when he realizes (read ‘discovers’) that his arch rival Aditya Rajguru (Harsh Chhaya) is reason behind the killing of a young journalist Renu Sharma, Ajay goes hammer and tongs over Aditya and doesn’t stop till the time he gets justice for the dead girl journalist by putting all the accused behind bars.
Meanwhile, Ajay’s close friend Joe D’souza (Om Puri), who is a retired DCP turned an active RTI activist gets killed by the business tycoon Raj Bansal (Narendra Jha)’s short tempered son in a fit of rage. Unknowingly, the whole incident accidentally gets captured in the camera that belongs to Anushka (Aanchal Munjal), who is best friends with Rohan (Shivam Patil), Zoya (Daina Khan) and Varun (Rishabh Arora). And when Raj Bansal gets to know about the secret video tape, he tells his henchmen to eliminate the four children as they pose extreme danger to him and well as to the image of his gigantic empire. Because of the immense respect and extreme faith in Ajay, the children get hell bent upon handing over the tape only to him, which Raj Bansal’s men get to know through call tapping. In no time, they try and intercept every single way that would lead them to meet Ajay. On the other hand, Ajay’s office gets ‘raided’ by various government departments. Do the children become successful in handing over the tape to Ajay, does Ajay become successful in exposing Raj Bansal and his nefarious activities and many such questions is what forms the rest of the film.