White Elephant Corporation's Hum Bade Aashiq Mijzaaj is a story about two friends Raj (Rajbir Singh) and Ajay (Ajay Gehlot), who share everything in their lives. One day, Raj, who, on the pretext of marrying his girlfriend Raashi (Raashi Singh), takes her to Ajay's house and gets physical with her. Raashi, who happens to be the daughter of the police commissioner (Dev Prakash Pandey) also obliges.
After that, post a fight, he leaves her. And when Raashi is contemplating suicide, that's when Ajay enters her life and they get close to each other. Gradually, love transforms into physical relations between the two. But, one day, when Raashi wakes up, she finds that she is in bed with Raj and Ajay both!
That's when Raj and Ajay tell to Raashi that they have decided to share her between themselves and get physical with her simultaneously.
What happens next to the trio is what forms the rest of the story.