Can i lose weight on this plan?

I'm male 5'3 and weigh 174. Trying to get to under 160 is my goal for now. I started a diet 2days ago only eating 1200 calories a day, very low carbs and doing elliptical and bike 3 days a week. I got a bad ankle so treadmill is tough. Taking GNC energy and metabolism multivitamins and using their Lean shakes as meal replace ments for breakfast and lunch. Can I lose weight on this plan? And how soon should I see results.