Celebration of one side, each grabbing the other (7)

I believe the answer is:

revelry

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'celebration' is the definition.
(I know that revelry is a type of conviviality)

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for revelry that I've seen before include "Noisy celebration" , "Riotous feasting" , "Merrymaking" , "Lively celebrations" , "Feasting, noisy festivities" .)

I've seen this clue in The Times.

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