Yes. Usually they ask if the passport is valid for another 6 months. But in this case it doesn't matter as the processing time and issuance of the COPR is not anytime soon. So, You shall submit the application now and then update them of your new passport when u have it.
But, from the name, I am guessing you are from India. and if your are parents are still in India, I think you shall get the passport renewed in less than a week. So, it wouldn't hurt to renew now and submit the application with new passports.