Is it possible to cut the mesh using a image texture

I am thinking of an option, by using a image which has transparent areas, when applied to a plane for example, the mesh gets cut through the transparent areas(I understand you can use transparent node to set the transparent material). But what I need is a different option to cut the mesh at the transparent areas(As some shapes are pretty complex to model than draw)… Is it available in Blender or any other 3D modeller.

In blender No.
Convert your image to a vector format in something like inkscape and import that into blender

Do you mean, my SVG will become a mesh by itself?

Yes, Blender can import SVG as curve objects with File -> Import -> Scalable Vector Graphic (svg) .
Then you can convert the curve objects into mesh in Object Mode -> Object -> Convert -> Mesh from Curve (or ALT+C -> Mesh from Curve)

Wow… awesome… this is a news for me… let me try it… Thanks for the tip!