The 2000 film was initially delayed due to issues over censorship but has now been revived with promotional plans in place for a 2011 release.
"Yes, Paanch is finally releasing for sure. I have a rough date already in mind but I am not revealing it yet," said Tutu Sharma, the film's producer
The director has made several films since, including Gulaal and Black Friday.
"Despite a delay, I am not worried since Paanch is a timeless film and not really bound to any particular era," added Sharma.