The film has been co-directed by Radhika Rao and Vinay Sapru, who are best remembered for their work on various music videos.
Sunny Deol and Kangana Ranaut recently launched the theatrical trailer of the film at an event in Mumbai.
Known for his action hero image, Sunny Deol makes a comeback of sorts in the film in a romantic role.
The film pairs Deol with Kangana Ranaut for the first time.
Sunny plays a 40 something banker who is single and living in New York.
The film narrates the story of how two strangers meet on New Year's eve and how their life changes.
Radhika Rao and Vinay Sapru have earlier directed Salman Khan starrer 'Lucky: No Time For Love'.
With 'I Love New Year' Deol is hoping to change his image. Deol's last hit film was 'Yamla Pagla Deewana' which came out in 2011.
Kangana Ranaut plays a musician in the film.
Although Deol has been part of comedies like 'Chalbaaz', 'Yamla Pagla Deewana' before, he feels to make people laugh is not easy.
The National Award winning actor, feels doing both comedy and action are equally challenging.
Kangana, who made her debut in Anurag Basu's 'Gangster' has made an unique niche for herself in the industry.
Ranaut has worked in some critically acclaimed films in a short span of time and has even won a National award for her role in 'Fashion'.
Parts of 'I Love New Year' have been shot in New York where the story is based.
Although an unusual pairing, makers insist that both Deol and Ranaut fit well in their respective roles.
Sunny Deol sported unkempt hair and beard look during the event as he is shooting for 'Singh Sahab The Great'.
Sunny Deol hasn't had a hit film for sometime now.
Sunny Deol pairs up with Kangana Ranaut in a romantic comedy called 'I Love New Year' directed by Radhika Rao and Vinay Sapru.