The main argument so far on behalf of Twitter is that the government's blocking orders are against the guidelines issued by the Supreme Court in the Shreya Singhal case. This was the case in which the Supreme Court struck down Section 66A of the Information Technology Act.
The plug isn't pulled yet and seeing the way things are shaping, it doesn't seem anybody could pull the plug on Elon Musk soon. Musk, quite famous (or infamous) for his eccentric tweets is now busy defending his decision to put an $8/month price tag for a 'blue tick' next to your name on Twitter that proves the account is authentic.
Twitter has challenged the many blocking directions issued to it, including 39 URLs. In its petition, Twitter had claimed that freedom of speech is affected by the takedown notices of the government.