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Hello Pooja
When projects are shut down by the owner, it does not delete the project immediately, however, marked for deletion and project access to the owners/users are immediately lost[1]. However, the owner can submit the request to recover the project within the period of 30 days. After the 30 day period, the project and all the resources under are wiped out and cannot be recovered.
You will be able to create the new projects once the projects which are marked for deletion are completely wiped out. However, you can submit a request to increase your project quota using the form link [2].
Please note that request to increase project quota that makes use of paid cloud services, "You may be asked to make a payment if your request for more projects indicates that you need projects that will use paid cloud services. The payment can be applied to any charges you incur in the future and will be visible as a credit in your account". Also, you cannot apply your free trial credits for this process, however, your free trial credits can still be used for other ongoing activities. More information regarding free trial project quota requests is available this public documentation help link [3].