The actor, who was last seen on the popular television show FIR, was cremated on May 29.
Announcing the tragic news, his son, Yaman Chatwal, said: "With great grief, I inform you that my father, Suresh Chatwal is no more between us. He left for his heavenly aboard yesterday, succumbing to his ongoing illness."
Chatwal, who made his big screen debut in 1969 with Rakhi Rakhi, played prominent characters in films like Karan Arjun, Koyla and Munna Bhai MBBS.
Kavita Kaushik, Chatwal's co-star in FIR, took to twitter to pay her respects to the late actor.
The 35-year-old television actress tweeted, "our beloved commissioner of f.i.r Shri Suresh Chatwal no more", adding he was a man full of high energy and old filmi stories.
Chatwal's son said the chautha will take place on May 31 in Mumbai.