Praan Jaye Par Shaan Na Jaye is a black comedy drama that revolves around Aman Joshi (Aman Verma), a research student working on his research assignment. His subject is the chawl dwellers in Bombay. To study his subject well, he rents a small tenement there and talks to people living there. He also helps the people with money to repay the loan and also gives them gifts. However, things turn upside down, when the owner of the chawl, Parveen Sethi (Sachin Khedekar) announces that he intends to build a huge building there and asks the people to vacate the chawl. Will Aman be able to help the chawl dwellers this time?