Waisa Bhi Hota Hai Part II movie is in equal parts a comedy, satire, crime, and a Bollywood masala film. Puneet Sayal (Arshad Warsi) is a copywriter with a dream. Some Day, he will have earned enough to dump his job, and live peacefully in Nainital. Till the said dream materialises however, he's living in Bombay with his girlfriend Agni (Sandhya Mridul).
Things go asunder one day when he finds out his brother's been shot dead - A brother he's hardly acknowledged in the past. Agni finds out, and throws him out of the house. Puneet goes on a drinking spree that leads him to a park bench where he witnesses someone being shot. He doesn't know it yet, but this is the end of his life as he knows it.
He saves the injured man - a gangster called Vishnu (Prashant Narayanan)- and the act lands him squarely in the middle of Bombay's famed gang wars.
The war between two ganglords - Ganpat (Anant Jog) and Gangu (Pratima Kazmi) is a second thread in the film. Ganpat is the dominant kingpin, and Gangu is the perpetual second-in-place who's never given up her dreams of displacing Ganpat as top don.