Paras, once you submit a new binary, it goes to the end of the queue for review!
I see a few possible cases related with your question:
You have no app yet, you submitted an app and waiting for review. Assume that you found a problem with the submitted app, and you wanted to provide a new one. Just submit the new binary, but remember, it will replace the original submission, it will go to the end of the queue and it will wait for review as before.
You have an app on the AppStore, and you wanted to provide an update for the app. As usual, submit your app, and wait to be notified. Once it is approved, your new app will be available to your users.
You have an app on the AppStore, you want to remove it from sales immediately, and provide an update: In this case, you can go to Manage Your Apps in your iTunes Connect, select the app and click on Rights and Pricing then choose an Availability Date in the future.
You get a warning message as following:
"You have selected an Available Date in the future. This will remove your currently live version from the App Store until the new date. Changing Available Date affects all versions of the application, both Ready For Sale and In Review."
That is fine, your app still in the store but not be in the sales. Now you provide your update and wait for the approval, once you get it, go ahead and set your app's availability date accordingly!
I hope that answers your question, and good luck on the mobile apps :)