Hi Sandeep - Welcome to the Atlasssian Community!
Yes, that is possible to create using Automation rules. Create a rule based on an Issue Created trigger. Then add any conditions needed. Next add a new action(s) to create the sub-task.
You might could keep branching there (create a branch for Most Recently Created issue) then do another Create Issue under that branch. You could also link the new issue to the Sub-task it was created by/associated with.
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