One of the features of a shraddha. ceremony is the assembly of Pandits, who engage in a dispute more or less factitious, in the course of which a point arises when they all get so excited that they almost come to actual fisticuffs; an arbitrator then steps forward, and the excitement subsides as suddenly as it had arisen.
The point in the supposed argument is to create amusement amongst the by-standers by the difference in pronunciation of certain words by Pandits from different districts. The whole sentence is a jumble of more or less nonsense, designed to give the speakers credit with the audience for great learning. The ordinary arguments for discussion amongst Pandits who are adepts in the Nyaya Philosophy as taught in the Nuddea school are on the difference between objects perceived by the Senses and those perceived by the Intellect: it is Gnan versus Vidya. The discussion here is a humorous travesty.
Tales from the Mahabharata and the Ramayana form almost the entire mental food of Bengal children.
Jagat Sett was the famous banker of the Nawab Nazims of Bengal.
The reference is to a story how each drop of blood as it fell from the Demon Raktabij produced a new demon, and how Debi and her companions put their tongues out and licked up the blood.