diff --git a/deploy/manifests/oci-native-ingress-controller/templates/deployment.yaml b/deploy/manifests/oci-native-ingress-controller/templates/deployment.yaml
index 6f41ab8c..bb2d3cee 100644
--- a/deploy/manifests/oci-native-ingress-controller/templates/deployment.yaml
+++ b/deploy/manifests/oci-native-ingress-controller/templates/deployment.yaml
@@ -18,10 +18,10 @@ metadata:
   name: oci-native-ingress-controller
   namespace: native-ingress-controller-system
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
 spec:
   replicas: 1
@@ -51,7 +51,7 @@ spec:
             readOnlyRootFilesystem: true
             runAsNonRoot: true
             runAsUser: 1000
-          image: "ghcr.io/oracle/oci-native-ingress-controller:v1.0.0"
+          image: "ghcr.io/oracle/oci-native-ingress-controller:v1.2.0"
           imagePullPolicy: Always
           args: 
           - --lease-lock-name=oci-native-ingress-controller
diff --git a/deploy/manifests/oci-native-ingress-controller/templates/rbac.yaml b/deploy/manifests/oci-native-ingress-controller/templates/rbac.yaml
index 79e0096f..9026cc6f 100644
--- a/deploy/manifests/oci-native-ingress-controller/templates/rbac.yaml
+++ b/deploy/manifests/oci-native-ingress-controller/templates/rbac.yaml
@@ -11,10 +11,10 @@ kind: ClusterRole
 metadata:
   name: oci-native-ingress-controller-role
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
 rules:
 - apiGroups: [""]
@@ -48,10 +48,10 @@ kind: ClusterRoleBinding
 metadata:
   name: oci-native-ingress-controller-rolebinding
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
 roleRef:
   apiGroup: rbac.authorization.k8s.io
@@ -69,10 +69,10 @@ metadata:
   name: oci-native-ingress-controller-leader-election-role
   namespace: native-ingress-controller-system
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
 rules:
 - apiGroups: ["coordination.k8s.io"]
@@ -90,10 +90,10 @@ metadata:
   name: oci-native-ingress-controller-leader-election-rolebinding
   namespace: native-ingress-controller-system
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
 roleRef:
   apiGroup: rbac.authorization.k8s.io
diff --git a/deploy/manifests/oci-native-ingress-controller/templates/service.yaml b/deploy/manifests/oci-native-ingress-controller/templates/service.yaml
index 5ef954e8..29b00f56 100644
--- a/deploy/manifests/oci-native-ingress-controller/templates/service.yaml
+++ b/deploy/manifests/oci-native-ingress-controller/templates/service.yaml
@@ -12,10 +12,10 @@ metadata:
   name: oci-native-ingress-controller
   namespace: native-ingress-controller-system
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
 spec:
   type: ClusterIP
diff --git a/deploy/manifests/oci-native-ingress-controller/templates/serviceaccount.yaml b/deploy/manifests/oci-native-ingress-controller/templates/serviceaccount.yaml
index aeada9e1..b994a2f0 100644
--- a/deploy/manifests/oci-native-ingress-controller/templates/serviceaccount.yaml
+++ b/deploy/manifests/oci-native-ingress-controller/templates/serviceaccount.yaml
@@ -12,8 +12,8 @@ metadata:
   name: oci-native-ingress-controller
   namespace: native-ingress-controller-system
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
diff --git a/deploy/manifests/oci-native-ingress-controller/templates/webhook.yaml b/deploy/manifests/oci-native-ingress-controller/templates/webhook.yaml
index 80220cda..68e9b617 100644
--- a/deploy/manifests/oci-native-ingress-controller/templates/webhook.yaml
+++ b/deploy/manifests/oci-native-ingress-controller/templates/webhook.yaml
@@ -36,10 +36,10 @@ kind: MutatingWebhookConfiguration
 metadata:
   name: oci-native-ingress-controller-webhook
   labels:
-    helm.sh/chart: oci-native-ingress-controller-1.0.0
+    helm.sh/chart: oci-native-ingress-controller-1.2.0
     app.kubernetes.io/name: oci-native-ingress-controller
     app.kubernetes.io/instance: oci-native-ingress-controller
-    app.kubernetes.io/version: "1.0.0"
+    app.kubernetes.io/version: "1.2.0"
     app.kubernetes.io/managed-by: Helm
   annotations:
     cert-manager.io/inject-ca-from: native-ingress-controller-system/oci-native-ingress-controller-webhook-serving-cert
diff --git a/helm/oci-native-ingress-controller/Chart.yaml b/helm/oci-native-ingress-controller/Chart.yaml
index 131a2b5f..51c428a6 100644
--- a/helm/oci-native-ingress-controller/Chart.yaml
+++ b/helm/oci-native-ingress-controller/Chart.yaml
@@ -8,8 +8,8 @@ apiVersion: v2
 name: oci-native-ingress-controller
 description: OCI Native Ingress Controller
 type: application
-version: 1.0.0
-appVersion: "1.0.0"
+version: 1.2.0
+appVersion: "1.2.0"
 
 maintainers:
   - name: OKE Foundations team
diff --git a/helm/oci-native-ingress-controller/values.yaml b/helm/oci-native-ingress-controller/values.yaml
index edc1428f..88bbfba8 100644
--- a/helm/oci-native-ingress-controller/values.yaml
+++ b/helm/oci-native-ingress-controller/values.yaml
@@ -21,7 +21,7 @@ image:
   repository: ghcr.io/oracle/oci-native-ingress-controller
   pullPolicy: Always
   # Overrides the image tag whose default is the chart appVersion.
-  tag: "v1.0.0"
+  tag: "v1.2.0"
 
 imagePullSecrets: []
 nameOverride: ""
diff --git a/pkg/controllers/ingressclass/ingressclass.go b/pkg/controllers/ingressclass/ingressclass.go
index ba70e0d0..464754e6 100644
--- a/pkg/controllers/ingressclass/ingressclass.go
+++ b/pkg/controllers/ingressclass/ingressclass.go
@@ -16,7 +16,6 @@ import (
 	"time"
 
 	"github.com/oracle/oci-native-ingress-controller/pkg/client"
-	"github.com/oracle/oci-native-ingress-controller/pkg/exception"
 	"k8s.io/klog/v2"
 
 	ctrcache "sigs.k8s.io/controller-runtime/pkg/cache"
@@ -196,22 +195,28 @@ func (c *Controller) sync(key string) error {
 func (c *Controller) getLoadBalancer(ic *networkingv1.IngressClass) (*ociloadbalancer.LoadBalancer, error) {
 	lbID := util.GetIngressClassLoadBalancerId(ic)
 	if lbID == "" {
-		return nil, &exception.NotFoundServiceError{}
+		klog.Errorf("LB id not set for ingressClass: %s", ic.Name)
+		return nil, nil // LoadBalancer ID not set, Trigger new LB creation
 	}
 
 	lb, _, err := c.client.GetLbClient().GetLoadBalancer(context.TODO(), lbID)
 	if err != nil {
+		klog.Errorf("Error while fetching LB %s for ingressClass: %s, err: %s", lbID, ic.Name, err.Error())
+
+		// Check if Service error 404, then ignore it since LB is not found.
+		svcErr, ok := common.IsServiceError(err)
+		if ok && svcErr.GetHTTPStatusCode() == 404 {
+			return nil, nil // Redirect new LB creation
+		}
 		return nil, err
 	}
-
 	return lb, nil
 }
 
 func (c *Controller) ensureLoadBalancer(ic *networkingv1.IngressClass) error {
 
 	lb, err := c.getLoadBalancer(ic)
-	svcErr, ok := common.IsServiceError(err)
-	if err != nil && (ok && svcErr.GetHTTPStatusCode() != 404) {
+	if err != nil {
 		return err
 	}
 
diff --git a/pkg/controllers/ingressclass/ingressclass_test.go b/pkg/controllers/ingressclass/ingressclass_test.go
index a4478539..55377858 100644
--- a/pkg/controllers/ingressclass/ingressclass_test.go
+++ b/pkg/controllers/ingressclass/ingressclass_test.go
@@ -9,6 +9,7 @@ import (
 	. "github.com/onsi/gomega"
 	"github.com/oracle/oci-go-sdk/v65/common"
 	ociloadbalancer "github.com/oracle/oci-go-sdk/v65/loadbalancer"
+	"github.com/oracle/oci-native-ingress-controller/pkg/exception"
 
 	"github.com/oracle/oci-go-sdk/v65/waf"
 	"github.com/oracle/oci-native-ingress-controller/pkg/client"
@@ -38,6 +39,42 @@ func TestEnsureLoadBalancer(t *testing.T) {
 	Expect(err).Should(BeNil())
 }
 
+func TestEnsureLoadBalancerWithLbIdSet(t *testing.T) {
+	RegisterTestingT(t)
+	ctx := context.TODO()
+
+	ingressClassList := util.GetIngressClassListWithLBSet("id")
+	c := inits(ctx, ingressClassList)
+
+	err := c.ensureLoadBalancer(&ingressClassList.Items[0])
+	Expect(err).Should(BeNil())
+}
+
+func TestEnsureLoadBalancerWithNotFound(t *testing.T) {
+	RegisterTestingT(t)
+	ctx := context.TODO()
+
+	ingressClassList := util.GetIngressClassListWithLBSet("notfound")
+	c := inits(ctx, ingressClassList)
+
+	ic := &ingressClassList.Items[0]
+	err := c.ensureLoadBalancer(ic)
+	Expect(err).Should(BeNil())
+
+}
+
+func TestEnsureLoadBalancerWithNetworkError(t *testing.T) {
+	RegisterTestingT(t)
+	ctx := context.TODO()
+
+	ingressClassList := util.GetIngressClassListWithLBSet("networkerror")
+	c := inits(ctx, ingressClassList)
+
+	err := c.ensureLoadBalancer(&ingressClassList.Items[0])
+	Expect(err).Should(Not(BeNil()))
+	Expect(err.Error()).Should(Equal("Failure due to network error"))
+}
+
 func TestIngressClassAdd(t *testing.T) {
 	RegisterTestingT(t)
 	ctx, cancel := context.WithCancel(context.Background())
@@ -245,10 +282,24 @@ type MockLoadBalancerClient struct {
 }
 
 func (m MockLoadBalancerClient) GetLoadBalancer(ctx context.Context, request ociloadbalancer.GetLoadBalancerRequest) (ociloadbalancer.GetLoadBalancerResponse, error) {
+	if *request.LoadBalancerId == "networkerror" {
+		return ociloadbalancer.GetLoadBalancerResponse{}, NetworkError{}
+	}
+	if *request.LoadBalancerId == "notfound" {
+		return ociloadbalancer.GetLoadBalancerResponse{}, &exception.NotFoundServiceError{}
+	}
+
 	res := util.SampleLoadBalancerResponse()
 	return res, nil
 }
 
+type NetworkError struct {
+}
+
+func (n NetworkError) Error() string {
+	return "Failure due to network error"
+}
+
 func (m MockLoadBalancerClient) UpdateLoadBalancer(ctx context.Context, request ociloadbalancer.UpdateLoadBalancerRequest) (response ociloadbalancer.UpdateLoadBalancerResponse, err error) {
 	return ociloadbalancer.UpdateLoadBalancerResponse{
 		RawResponse:      nil,
diff --git a/pkg/controllers/routingpolicy/util.go b/pkg/controllers/routingpolicy/util.go
index 7876d8fc..bdc88985 100644
--- a/pkg/controllers/routingpolicy/util.go
+++ b/pkg/controllers/routingpolicy/util.go
@@ -17,7 +17,6 @@ import (
 	networkingv1 "k8s.io/api/networking/v1"
 	"k8s.io/apimachinery/pkg/util/sets"
 	corelisters "k8s.io/client-go/listers/core/v1"
-	"k8s.io/klog/v2"
 )
 
 type listenerPath struct {
@@ -93,8 +92,5 @@ func processRoutingPolicy(ingresses []*networkingv1.Ingress, serviceLister corel
 			}
 		}
 	}
-	if len(listenerPaths) > 0 {
-		klog.Infof("Listener paths for routing policy: %s", util.PrettyPrint(listenerPaths))
-	}
 	return nil
 }