Malformed packets from the IBM server was causing the Indiscard Counter to increment at the switch interface.
Further, it was also established that in a lab test that the behavior of Indiscard Counter is skewed when the port is mirrored on that switch, it may or may not increment at that time. This explains why we have to wait for about 27 minutes to see the first packet drop during the maintenance window. More information about the test is as follows:
Test scenario: 4000 Malformed Packets with same Source and Destination MACs were pumped into the switch, while the port was mirrored. During this test, the Indiscard counter did not incremented. This process was repeated two times with the same result. When the Port mirroring was removed and similar 4000 packets were pumped intot he switch, the Indiscard counter incremented by 4000, one for each malformed packet injected.
Result: It was established from this test that, the Indiscrad counter performs unexpectedly when the port is mirrored. When, the port mirroring is removed the Indiscard Counter works as expected.