Distinguished peer interrupted by cheers
I believe the answer is:
notable
'distinguished' is the definition.
(thesaurus)
'peer interrupted by cheers' is the wordplay.
'peer' becomes 'noble' (I've seen this before).
'interrupted by' indicates putting letters inside.
'cheers' becomes 'ta' (I've seen this in other clues).
'noble' placed around 'ta' is 'NOTABLE'.
(Other definitions for notable that I've seen before include "Widely known and esteemed" , "Famous or memorable" , "Unusual" , "Worthy of attention, significant" , "Star" .)