The film was to be made with Akshay Khanna and Balan. On if the film has been shelved, Nikhil told PTI, "I think so it has."
'Chand Bhai' was supposed to be story of a boy on the streets who wanted to be a gangster. It was a raw realistic song less film on juvenile delinquency.
After his directorial debut with Karan Johar's home production 'Kal Ho Na Ho', Nikhil's films like 'Salaam-e-Ishq' and 'Chandni Chowk To China' were box office dud while 'Patalia House' did average business.
"I don't feel bad when people associate me with 'Kal Ho Na Ho', it is a great film. As a director one needs to grow and keep making stories that I want people to hear," Nikhil said.
"Today's cinema has changed a lot. Films like 'Vicky Donor', 'Paan Singh Tomar', 'English Vinglish', 'The Dirty Picture' are all working. As long as there is a good story people will come to watch.
It is a wonderful time to make films," he said.
Nikhil had earlier worked as an assistant to Karan Johar in films like 'Kuch Kuch Hota Hai' and 'Kabhi Khushi Kabhi Gham'.
"There are no plans as of now to make films with Dharma Production. If we have an interesting idea and if it is possible then we will come together for a film," Nikhil said.
Presently, the director is working on his high octane action film 'D Day'. The movie is about a bunch of RAW agents who are sent by the Indian government to bring Dawood Ibrahim from Pakistan by road.
"As action films are doing well these days, that is one of the reasons why I am making this film. It is not at all like this. The kind of action one will see in 'D Day' is very different. That is the risk in the film, it is very real. It has real action," Nikhil said.