Guys
I have gone through the notes and given by you and could not find more information related to the issue. Note given by Michael does not applicable as log mode set to overwrite. We are not taking any log backups at this point of time.
Ruth - For your note, it talks about truncated log segments but has not given much information as which scenario log segments go to Truncated status.
I have read somewhere in another blog that the system reset log segments status to free only after system restart. Then we can run ALTER SYSTEM RESTORE LOG command reclaim free space.
There is no proper explanation anywhere as why does so many Log Segments go to Truncated state and does not free up.
Mahesh Shetty