Motwane, 38, said the script of "Bhavesh Joshi" does not fit in the current scenario.
"'Bhavesh Joshi' is not happening. I think time has changed. It was a film, which I wrote at the peak of the Congress government and about all the things that were wrong then, not that everything is right, right now...
"But I feel when the context changes, it is very difficult to go back to the script. It requires rewrite, you have to go the scratch, you can't change things in pieces," the director told PTI during a visit here.
Motwane made his directorial debut with "Udaan" followed by Sonakshi Sinha and Ranveer Singh's romantic film "Lootera".
He is the co-owner of Phantom Films, a film production company, with Vikas Bahl, Anurag Kashyap and Madhu Mantena.
Motwane said he is back to the drawing board for his next project as a director.
His slate, however, is full this year as a producer with "Bombay Velvet", "Shandaar", Dhoomketu" and "Udta Punjab" as the upcoming projects from Phantom.