I've accepted this as the solution since distributing the load would definitely help resolve the issue but since I was looking for a workaround to avoid that - had kept this open and kind of forgot about this thread later on - but for anyone else having the same issue - we did end up dividing the load on two Syslog Servers and the issue has accordingly reduced - there is still some delay some times but that is probably due to still the load being too much for even two Syslog Servers sometimes during peak.
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