According to police, the deceased was identified as Ajay who works with a private firm and lives along with his family in Kalyanpuri area.
"The incident took place yesterday at around 2.30 pm, when Ajay, along with one of his friends, reached near the slum cluster in Kalyanpuri. One Rahul tried to threaten them with a knife directing them to hand over all of their belongings immediately," said a police official.
When Ajay resisted Rahul's robbery bid, a heated argument broke out between them, following which Rahul attacked Ajay with a knife and stabbed him several times and fled from the spot, police said.
"We have registered a case under relevant provisions including of that 302 (murder) of the Indian Penal Code (IPC) at Kalyanpuri police station in the case and efforts are on to nab Rahul," said a police official.
Following the death of Ajay, his family members, along with several acquaintances, staged a protest near the hospital.