here is an example. I got this about a year ago at an auction and repotted and found either dried out or rotted roots.
It had an old bulb ( shrivelled - on the right in the first photo ) and a semi-mature pbulb - the one that now has a spike. You can see pleated leaves on this one and they will never go away.
So - after a year, I have the following:
- a spike off the now mature pbulb
- a new growth off this pbulb too
- a new growth off the vastly improved back-bulb ( worse condition than yours originally )
The above was all due to being careful with a watering regime....and fertilising.
I have other examples. Older bulbs shouldn't shrivel !