The most common and most likely answer to this crossword clue is the 5 plus 2 letter word STOOD UP
I've seen this crossword clue in The Times
S
T
O
O
D
U
P
More clues leading to the result STOOD UP
Buddy explains!

The straight part
We know that "Failed to meet" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case failed to meet = stood up.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.