Following details the steps for deleting the metadata fields.
Go to Settings and click on Metadata under Information.
Select any metadata field available from the list.
for eg. Field TEST23 is available in the list.
Click on X link in the right corner.
Click on Delete button in the confirmation message.
Metadata field will be deleted from the list.
If the metadata field is associated to any policy, view or template, validation message will be displayed that user cannot delete the metadata as it is associated to the views, policy or template.
This completes the functionality of deleting the Metadata fields.