Party for upper level leaders who are a bit shy (7)

I believe the answer is:

bashful

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

'party for upper level leaders' is the wordplay.
'party' becomes 'bash' (term for a party or celebration).
'leaders' indicates taking the first letters.
The initial letters of 'for upper level' is 'ful'.
'bash'+'ful'='BASHFUL'

'who are a bit' is the link.
This may not be correct. Some or all of it may be part of another bit of the clue.

Can you help me to learn more?

(Other definitions for bashful that I've seen before include "Shovel and pick worker" , "one among celebrated seven" , "reserved" , "Doc's shy pal" , "Neither Happy, Sneezy, Dopey, Grumpy, Sleepy nor Doc!" .)

I've seen this clue in the Sydney Morning Herald.

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