I'm grateful to be welcomed by chivalrous VIP (7)
I believe the answer is:
notable
'vip' is the definition.
(I've seen this before)
'i'm grateful to be welcomed by chivalrous' is the wordplay.
'i'm grateful' becomes 'ta' (both can mean thank you).
'to be welcomed by' is an insertion indicator (letters welcomed inside).
'chivalrous' becomes 'noble' (I've seen this in another clue).
'ta' inserted within 'noble' is 'NOTABLE'.
(Other definitions for notable that I've seen before include "Famous or memorable" , "Widely known and esteemed" , "Worthy of record" , "celebrity" , "Worthy of remark" .)