"Pankh" traces the life of a boy who plays a female artiste as a child in films. When he grows up and wants to be launched as a hero, he goes through gender confusion and falls in love with an imaginary actress, played by Bipasha.
The film, which was to release 2009, is directed by Sudipto Chattopadhyay and features Mahesh Manjrekar, Lillette Dubey, Ronit Roy, Sanjeeda Sheikh and newcomers Maradona Rebello and Amit Purohit, apart from Bipasha.
The director is confident that the movie will touch the right chords with the audience.
"This was a story that needed telling. It is a film that will touch every sensitive soul. 'Pankh' is Bollywood's wildest take so far," Chattopadhyay said in a statement.
Gupta is releasing the film under his newly launched brand White Feather Arthouse Film in association with Next Gen Films.
He also announced the release of unconventional film "The Great Indian Butterfly", which has been a part of many film festivals. The movie, featuring actors Aamir Bashir, Sandhya Mridul, Koel Purie and Barry John, will be on screens March 26.