The Abhishek Bachchan-Asin starrer featured Irani opposite industry veteran Rishi Kapoor.
The decision to opt out was mutual and amicable, she said.
Irani, a Rajya Sabha MP had commenced shooting for the film in November last year.
However, the shoot could not be concluded within the stipulated time frame although the actress-turned politician tried to work around her schedule but it did not work out.
"It is really sad but I had to take this decision of opting out of the project as I have a larger role to play and have a duty towards our nation. The nation has expectations from me and this Government, which I will fulfil. The people of India have put their faith in us and I will not let them down.
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Irani was inducted in the Union Cabinet as Minister for Human Resource Development in May this year and has since then tried her best to complete the project but had to bow out of the film due to her political commitments.
The film's producer Bhushan Kumar said she was generous enough to work out her schedule to shoot with us.
Fresh shooting for the film will commence from January next year and will release on July 3, 2015.