Pandit Bhanu Shankar Shastri (Shankar Mahadevan) is an Indian classical singer living in a princely state of Vishrampur with his daughter Uma (Mrunmayee Deshpande). During one of his shows at Miraj, Shastri meets another classical singer Khansaheb Aftab Hussain Bareliwale (Sachin Pilgaonkar) and requests him to visit Vishrampur. On Dussehra festival, the Maharaja of the state arranges an annual singing competition with the winner to be given the status of royal singer, Haveli (Mansion), and a "Katyar" (dagger). The Maharaja proclaims that the state would pardon one murder if committed by the royal singer with this dagger in self-defense. Shastri is challenged by Khansaheb but wins the competition.
Unable to defeat Shastri for fourteen consecutive years, Khansaheb is often humiliated by his wife Nabila (Sakshi Tanwar) and villagers. He survives an unsuccessful suicide attempt but confronts his hatred towards Shastri. In the following annual competition, Shastri leaves the stage without singing thus making Khansaheb the winner and the royal singer. Khansaheb moves to the haveli with his daughter Zareena (Amruta Khanvilkar) and Shastri leaves the village without informing anyone.
One of Shastri's pupils, Sadashiv (Subodh Bhave), arrives at the haveli to learn music but is disappointed with Shastri's disappearance. Sadashiv meets Khansaheb who, on listening Sadashiv's Shastri-like singing, throws him out of the haveli. Sadashiv, with the help of Zareena, locates Uma and learns the truth about Shastri's renunciation of music and Nabila's attempt to poison Shastri to enable Khansaheb win the competition. Sadashiv attempts to murder Khansaheb but Zarena dissuades him and requests him to challenge Khansaheb in the annual competition. Sadashiv then starts learning music from Uma through Shastri's book and Gramophone records. Later, Sadashiv and Uma locate Shastri in another village and bring him home. Shastri asks Sadashiv to learn from Khansaheb, but knowing Sadashiv's Shastri-like singing style, Khansaheb rejects him as a pupil. Sadashiv then starts learning from Khansaheb in disguise, but gets caught. Sadashiv, when challenged by Khansaheb to out-do him, loses and becomes Khansaheb's slave. As Khansaheb's slave, he cannot sing without Khansaheb's permission. Zareena sees the unfairness in this arrangement and blackmails Khansaab into returning Sadashiv's voice by threatening to expose him in the court. Khansaheb thus releases Sadashiv from his services.
In the following annual competition, Sadashiv challenges Khansaheb. In Jugalbandi (duet), Khansaheb notices that Sadashiv has learnt his singing style, he accuses Sadashiv of stealing his music. He also requests the Maharaja to let him use the dagger in self-defense as he thinks Sadashiv is a threat to his music. The Maharaja agrees but Sadashiv asks for a final performance. He also requests Khansaheb to accept him as a pupil if Khansaheb likes his singing. Sadashiv performs with Shastri's and Khansaheb's singing style. Khansaheb forgives Sadashiv but declines to accept him as a pupil as he thinks he has put himself down with all his earlier deeds with Sadashiv.