This started a massive surge of tweets related and unrelated to this incident with the hashtag #chetanblocks. This is currently a trending topic on twitter and tweeple are retweeting just to see it go up -- which also hurts Chetan's reputation (I guess).
I'm not sure who coined the hashtag, but its originator might be Saad Akhtar (who writes an awesome Indian web-comic flyoufools.com) who was one of the people blocked by Mr Bhagat.
Update: As witnessed by whatthetrend.com, the hashtag was originated by @nikhilnarayanan.
Order of events for context (I have too much time, I guess):
@notytony quips and gets blocked.
It's somewhere after the above tweet, when the hashtag (#chetanblocks) started trending.
Chetan's responses:
At this point, Chetan took a break after which he came back with a flurry of responses (which IMO should have been a blog post). I have omitted few of them, but I think I have kept enough to do justice to his position.



I think the battle (if you may) is still on. Enough for now; tired of taking screenshots.
Update: Other related links:
Update (7/12/2009 7:36 PM): Added notytony's tweet.
Update (7/12/2009 8:18 PM): Updated with Chetan's latest responses.
Update (7/12/2009 8:35 PM): Corrected hashtag origins.