We are going to resubmit the app with updates.
We need to resubmit the channel.
No, Please do not delete the current channel from your account. You can upload the updated channel package under the current channel. Make sure you Save your changes, before you submit your updated channel package for publishing. To confirm that you have submitted your channel for publishing, you will need to click on the "Submit for Publishing" button on the last page in your Developer Dashboard.