Overeat a lot around a time for celebration (8)

I believe the answer is:

hogmanay

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'for celebration' is the definition.
(I've seen this before)

'overeat a lot around a time' is the wordplay.
'overeat a lot' becomes 'hog' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'around' is an insertion indicator.
'a' becomes 'an'.
'time' becomes 'may' (I've seen this before).
'an' put within 'may' is 'manay'.
'hog'+'manay'='HOGMANAY'

Can you help me to learn more?

(Other definitions for hogmanay that I've seen before include "Festival" , "today" , "Scottish celebration framed in mahogany" , "New Year's Eve (Scots)" , "New Year up north" .)

I've seen this clue in The Times.

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