The story revolves around a group of friends, Ritesh (Jackky), Nanj (Angad) and Puja (Puja), who all received extremely bad marks in their exams. One of their close friends, Vishnu (Chandan) has passed with top marks under the pressure of his father and has enrolled into the top high school of India. To make their parents happy and proud, the four friends create a fake university titled "Fakirchand and Lakirchand Trust University" (or F.A.L.T.U) with the help of Ritesh's childhood friend Google (Arshad Warsi). Things take a turn for the worse when the parents would like to see F.A.L.T.U. To make things go right, Ritesh and Google hire someone, Bajirao (Riteish), to act as the principal for one day. However, after the parents' visit, a bunch of kids apply for F.A.L.T.U thinking it is a real university. Unable to send them back, the trio, along with Vishnu, Google and Bajirao, turn F.A.L.T.U into an official trust university. Soon enough, the government files a case against every student/member of F.A.L.T.U for creating a fake college. Now the group of friends must fight for their rights, and keep F.A.L.T.U as a university to give the kids education.