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Hi Imtiyaz,
Yes, you are eligible to take admission for UG courses in Delhi University. The eligibility condition for UG courses are:
Candidates should be qualified in 10+2 Board or equivalent examination. They must have obtained at least 45% in aggregate of all subjects.
Further, for different courses, you need to clear the cut-off for admission.

Admission in regular college with 55% will not be possible. Hence, you can opt for a distance course from IGNOU/SOL.

Yes, it is approved by UGC. You can do MA from any university after completion of your BA from here.

Yes. But you can actually try for a PhD from distance education.

Hi Amit,
With your long work experience, it would be advisable that you go for distance/correspondence BA course. With correspondence course, you can also continue your job and keep increasing your work experience.