It is celebrated on the Vishuwat Sankranti day and commemorates an ancient victory. On this day, the Bagwal is held at Syalde Pokhar in the old town of Dwarahat.
People also celebrate the occasion with music, songs and dancing. One day before this a similar fair is held at Vibhandeshwar in which Lord Shiva is worshipped. The Syalde Bikhauti fair has been successful in retaining its old colour and gaiety to a large extent.