I released an update for my App and it was approved. It was approve despite the fact that it included a serious localization bug where most users are getting the wrong language.
Here's a snippet from iTunes Connect Help page
:
Question: The new version of my app on the App Store has a bug. Can I use a previous version to replace it?
No. You cannot revert to a previous version on the App Store. You must submit a new version.
Source : iTunes Connect FAQ
Obviously the alternative would be to submit a new build but ask for expedited app review.
But that means that either your app is event-related or you have a critical bug that you need fixed as soon as possible.