This paper presents an effective delay minimization technique and a solution for link failure and congestion management in Multi Protocol Label Switching (MPLS) networks which employ RRATE algorithm in real time traffic conditions. The contributions of this work are three fold. The authors analyze the performance of Random Races Algorithm for Traffic Engineering (RRATE) algorithm for MPLS traffic engineering under real time traffic conditions using network processors. Till date the performance of RRATE algorithm has been only tested on synthetic networks. As a result the RRATE algorithm performance has been monitored only on idealistic conditions. Hence the algorithm does not address network link failure issues.