The most common and most likely answer to this crossword clue is the 6 plus 5 letter word BOXING GLOVE
I've seen this crossword clue in The Times
B
O
X
I
N
G
G
L
O
V
E
Buddy explains!
The straight part
We know that "One on hand with the punch" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one on hand with the punch = boxing glove.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.