Attractive, but at risk of being stripped of knighthood? (9)

I believe the answer is:
desirable
'attractive' is the definition.
(I've seen this in another clue)
'at risk of being stripped of knighthood?' is the wordplay.
I cannot quite see how this works, but
'being' could be 'sir' (Sir is an example) and 'sir' is found in the answer.
This may be the basis of the clue (or it may be nonsense).
'but' acts as a link.
Can you help me to learn more?
(Other definitions for desirable that I've seen before include "Attractive" , "handsome maybe" , "Pleasing" , "Worth having" , "Sought-after - rebel aids (anag)" .)
