Can We put the old version of the app as a new app on play store?

I have a question. Lets Say:
I have an app
I put it on market.
I created an update that changed many features.
Now Can I upload the old version of that app (Changing the package name) as a new app on Play Store?
Is this allowed or not?

Yes, it is allowed. It's just a matter of naming this new (old) version of the app with a different package name.