All of the leaves are turning yellow and dropping one by one. It is growing two new roots very slowly but no new pbulb growth . Can they live without leaves?
No they can't live if they have no leaves. What do the existing roots look like? What kind of shape is the mix you have it in? Sounds like it's not very happy in it's current situation.
If the mix is fresh all you can really do is hope the new roots grow quick enough to support any new growth. I would lightly mist the new roots to keep them moist so they take off, along with your regular watering regime. You might want to try a shot of rooting hormone or seaweed extract. The intergenerics are pretty tenacious so I wouldn't give up hope.
An oncidiam with no leaves is not at all good though they can be rescued from that as the stored energy in the bold can be enough to allow a dormant eye to get growing (if there is a dormant eye that is). Sometimes people propergate then from leafless bulbs in that way. However if it works its a long way back to health for it.
As long as the pb itself stays green, they can come back to life with no leaves and roots.
Back bulb propagation!
This may or may not work though.
and even when it does work, it may take quite some time for the tiny sprouting grow to a flowering size plant.