I'm not an expert but I would repot as that new growth needs more space if it is to become as 'chubby' as the other one. I don't know about these but maybe you could repot into the same pot by 'squashing' together the 2 older p/bulbs, which are on their last legs, to the edge of the pot and leaving enough room for the new growth to mature? that's what I would do... hoping some Calanthe experts chime in here?