The US astronaut had inaugurated the Club at Safdarjang Airport way back in November 1970.
Condoling his death, Vishwa Bandhu Gupta, Secretary of the Club, said Armstrong had flagged-off the Balloon flight 'Nimbus' piloted by him and two dutch balloonists, Mini Boesman and Jan Boesman, from New Delhi to Kilazafargarh in Haryana.
"Inspired by Armstrong, the Club has now made rapid strides and has even sent teams to the world championships," Gupta said.
According to US media reports, 82-year-old Armstrong died following complications from a heart-bypass surgery he underwent earlier this month.
As commander of the Apollo 11 mission, Armstrong became the first human to set foot on the moon on July 20, 1969.