The monitoring and control system is configured to obtain a hook load data at predetermined time intervals, and determine variation of hook load between the predetermined time intervals using the hook load data obtained. The monitoring and control system further determines a slip status of a drill string corresponding to each of the variation of hook load. The slip status is determined by comparing each of the variation of hook load with a threshold value of noise. The threshold value of noise is determined based on predetermined parameters of the drill string. The slip status of the drill string corresponding to each of the variation of hook load may be verified based on one or more predetermined conditions. The slip status of the drill string corresponding to each of the variation of hook load may be corrected by adjusting predetermined parameters, based on verification of one or more predetermined conditions.