Hi, Srishti28,
Current version iMovie 10.1.16 apparently requires Catalina 10.15.6. However, if you have or ever have had iMovie 10 on your Mac you can update to the highest iMovie version that your present operating system will run. Here's the procedure:
To update/redownload iMovie 10, drag your iMovie 10 app from the Applications folder into the trash, but do not empty the
trash. (You can skip that step if you had iMovie 10 on your computer before, but deleted it.) Sign in to the app store and open your purchases folder by clicking on your name at the bottom of the app store side bar. You will see your purchases displayed, including iMovie 10. Redownload/update iMovie from there. If not successful, drag your present iMovie app out of the trash (if you moved it there) and return it to the Applications folder.
Out of curiosity, since you already are running Catalina 10.1.15 as the data on your post indicates, what happens when you try to update to Catalina 10.15.6? What steps are you taking to update? Are you getting an error message?
Also, the update to iMovie 10.1.15 and 10.1.16 has been followed by lots of reports of unsolvable glitches. So you might want to wait for those to be worked out before updating.
-- Rich