Deletion of a model version can be invoked through the command line.
deletemodel -repo <repo name> -c <category name> -m <model name> -v <version name>
Example
jre\bin\Java -Xmx512m -XX:MaxMetaspaceSize=512m -splash: -jar WhereScape-3D-HEAD-bundle.jar deletemodel -repo "Local repository" -c "RED Export" -m "Example Model" -v "Version to be deleted"