ok, now it's better:
We now have a "lifecycle" for spell inventions.
When the spell gets rejected, you will see it as "rejected" under your "under research" list. There will be a link "rework" next to it. You can review the rejection reason there, modify the spell and submit it again. The GMs will see that this is a reworked, not a new spell, and the reason why they (or some other GM) rejected it initially. They can then accept the re-submitted spell, or reject it again.
Right now, there is no "final rejection" at which point a spell would be deleted.