I've developed an app with the name "sports10", uploaded it to the iTunesConnect with the same name and got rejected due to a few issues in my project.
Now my client wants to submit the app with a different name, "cricketStar" and completely new set of UI colors (rebranding).
My question is, can I use the same developer account, to upload the rebranded app with the new name "cricketStar" after deleting the initial binary with the name "sports10" for apple's review or will they reject it without a review since the code is same?
Yes you could. You would need to change the bundle id and provisioning profile for distribution.
However, you do not need to do that. You can keep the project name the same and simply change the display name in iTunesConnect->[yourapp]->App Information->name
From iTunesConnect:
The name of your app as it will appear on the App Store. This can't be longer than 30 characters.)
And in project targets in Xcode change the display name to your desired name.
Furthermore, if you want to rename your Xcode project, here is a SO answer which outlines the necessary steps.
If you want to rename everything, you will need to: (1) rename the project, (2) create a new bundle id, (3) rename provisioning profiles, (4) add the new bundle id to the edited provisioning profile, (5) create a new app in iTunesConnect.
I would like to stress that doing all those steps is unnecessary. The only people that will be able to see the inconsistencies in names are the people with access to the Xcode project or iTunesConnect.
Edit
From Apple:
You can change the name of your existing app only when submitting an update of your app binary. If you submit an app name which is already in use within the same geography in which your app is sold, you will be prompted to enter another name.