Encountering "PLEG is not healthy" error on EKS nodes

We are running EKS cluster with m5.12xlarge as worker nodes. Looking at cloudwatch logs we can see that "PLEG is not healthy: pleg was last seen active 3.xxm ago" error happens very frequently causing instability in our cluster. What could be the possible causes or any other underlying issue? Added details of our cluster below

EKS version: v1.21.5-eks-9017834

Container Runtime: Docker

Docker Version

Docker version 20.10.7, build f0df350

Containerd Version

container d - 1.4.6 d71fcd7d8303cbf684402823e425e9dd2e99285d

runc version :

1.0.0
commit: 84113eef6fc27af1b01b3181f31bbaf708715301
spec: 1.0.2-dev
go: go1.15.14
libseccomp: 2.4.1