One Possible Interpretation
Shaayar Siddiqui seems to capture the intoxicating blend of spirits and kinship with friends in a celebratory (poetic?) gathering marked by fleeting consciousness and lingering memories.
The phrase "kuch yaad rahi kuch bhool gaye" reflects the transient nature of memories and experiences in such states, leaving the speaker in a haze where some fragments of the night linger, while others dissolve into oblivion.
Maybe the shaayar is referring to life itself as a grand mehfil (gathering), where each moment is a round of experience passed to us by the saaqi (time or destiny). In this journey, marked by rounds of experiences, some memories stay and some fade from those moments of awareness?
The "hosh ki saa.at" (moment of awareness) reflects the brief instances where we pause to truly grasp the essence of life. As the mehfil continues, we hold onto some memories while others slip away, much like life's fleeting nature.