Hi,
The message means The Network Output Controller(NOC) tried to decrement the Packet Port Counter(PPC), in Tx Memory Management(TxMM) block for the page from which packet is read out, when it was already 0.
Also, There was a bug filed (internal, not on CCO --CSCeh53974, resolved in 12.2(18)SXF), where the issue was related to the following scenario:
During the asic memory test for this model card, test patterns are written to the QChip ppc (packet port counter) memory. This is caused by the test patterns, which are not meant for normal operation, remaining in the ppc. A soft reset of the QChip after the running of the ppc test solves the issue.
This is certainly inline with what you describe, and I don't believe you are seeing a hardware failure.
HTH,
Bobby