Set in a squatter settlement on the banks of the Khudi River, Pension Patta follows the emotional journey of a mother and son, Chhalu and Rajan, who struggle to survive after the untimely death of Rajan’s father, Ganga Bahadur. Crushed by overwhelming debt, Ganga Bahadur passes away, leaving his family in desperate circumstances. One day, Kali, a local moneylender, arrives at their home to collect the money Ganga Bahadur had borrowed. She returns a pension certificate that he had left as collateral at her liquor shop and gives Rajan a few days to repay the debt. Filled with hope, Chhalu and Rajan travel to the army camp to claim the pension. However, their application is rejected when they discover that the name on the pension certificate does not match Chhalu’s identity. Determined to uncover the truth, Rajan begins searching for the rightful identity behind the pension record. During his search, Rajan meets one of his late father’s former acquaintances, who provides information leading him to the whereabouts of his elder mother. As Rajan embarks on this life-changing journey, he encounters hardship, greed, compassion, and unexpected human kindness. The experiences he faces gradually transform him from a selfish and materialistic young man into a generous and compassionate person.