@jsoriano, some new findings and this is really interesting. The MS was restarted and it hoped onto another node and we see the same behavior with filebeat - Lagging in sending the logs and high memory usage. Also i checked the registry file and could see almost 1400 entries for the same docker log file.
Below is the snippet of the filebeat registry:
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Red one is the old filebeat where this MS was running and Green is the filebeat where the MS moved and as we can see the memory usage just spiked and reached the resource limit set to 500 MB, may be it would have OOM.