Hi Yatin,
if all the different forms are opened from the main application window it should be pretty much straight forward. When a form is opened you:
1. add it to the menu and store which form belongs to which menu entry
2. attach a form.Closed event handler to the form
3. When a form is closed event from 2. will fire. Look up which menu entry belongs to the form that fired the event and remove it from your menu.
Storage of information could be as simple as:
Dictionary<form,MenuEntry> dictFormEntry = new ...
...
dictFormEntry.Add(myBillingForm, menuEntry);
...
Hope this will give you some ideas!
Cheers
Manfred