Take heart from new time of celebration (4)
I believe the answer is:
noel
'time of celebration' is the definition.
'noel' can be an answer for 'time' (I have seen 'present time' mean 'noel' so perhaps 'time' could also mean 'noel'). I am not certain of the 'of celebration' bit.
'take heart from new' is the wordplay.
I cannot quite understand how this works, but
'from' could be 'o' (I've seen this in other clues) and 'o' is found within the answer.
'new' could be 'n' (common abbreviation eg NT for New Testament) and 'n' is present in the answer.
The remaining letters 'el' is a valid word which might be clued in a way I don't see.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for noel that I've seen before include "Christmas, in cards" , "Fellow" , "Christmas, esp. in carols; boy's name" , "Christmas carol" , "See 7 Across" .)