Panic mostly after time cut short for instruments (7)
I believe the answer is:
timpani
'for instruments' is the definition.
(I've seen this before)
'panic mostly after time cut' is the wordplay.
'mostly' means to remove the last letter.
'after' is a charade indicator (letters next to each other).
'cut' means to remove the last letter.
'panic' with its final letter taken away is 'pani'.
'time' with its final letter taken away is 'tim'.
'pani' after 'tim' is 'TIMPANI'.
'short' acts as a link.
(Other definitions for timpani that I've seen before include "> kitchen equipment?" , "Those beaten" , "Percussion section" , "set of instruments" , "Mini tap on a large drum" .)