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 fulfill. The people of India have put their faith in us and I will not let them down.
"I understand the team has to make accommodations due to
HOLY WOW! Shilpa, Alia, Kareena, Esha stun in gorgeous lehengas
10 intense hostage situations from the past
60% of IS Twitter handler's followers are non-Muslims
In the Adelaide defeat, there's an Indian victory!
And the award goes to...7 star performers of India Inc