We study the unitarized meson–baryon scattering amplitude at leading order in the strangeness $$S=-1$$
S
=
-
1
sector using time-ordered perturbation theory for a manifestly Lorentz-invariant formulation of chiral effective field theory. By solving the coupled-channel integral equations with the full off-shell dependence of the effective potential and applying subtractive renormalization, we analyze the renormalized scattering amplitudes and obtain the two-pole structure of the $$\Lambda (1405)$$
Λ
(
1405
)
resonance. We also point out the necessity of including higher-order terms.