Engine light wont go off.
The catalitic converter is a mechanical device , it simply converts harmful emissions into water/vapour.
The 02 sensor if faulty would put the engine management light on. If the 02 sensor has been faulty for sometime it could tell the ECU to supply the wrong amount of fuel to the engine which in turn would eventually damage the catalitic convertor.
So you may have to change both in the end, but first I would check out the 02 sensor and replace if required.
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