I'd heard a lot about 'Khiladi' and was interested in watching it. The director duo Abbas Mastan are known for making thrillers and unfortunately, for ripping off. I don't know whether 'Khiladi' itself is a ripoff. It is a very Bollywood film and on top of that from the early 90s (so expect some strange dances, out of place songs and weird fashion) but otherwise quite well directed to an extent. They successfully manage to hide the identity of the killer and it does come as a surprise when revealed.
If it were made today, I think it would have been better in the technical department. Other than that, the film starts in a college campus with funny comedy (but some of them are really over the top). The songs are nice but they seem forced in the screenplay, which was the case in many Hindi films of that era.
Akshay Kumar does well. He's very good with the comedy scenes. Deepak Tijori is brilliant as stands out in most of his scenes. His and Akshay's camaraderie is shown with a touch of humour but in a realistic way. As a newcomer, Sabeeha does well. However, Ayesha Jhulka is strictly okay in most scenes and doesn't deliver in others.
I'd say it's one of the better films of it's time as it's quite enjoyable but it ain't no masterpiece. Enjoy it for the funny moments, nice songs (most of which are horribly picturized) and to solve the mystery of who the killer is!