I showed this hilt to one of my colleagues, who worships Shiva, and she could recognize that the hilt represented Bhairava. She told me that Monday was Shiva's day (I don't know anything about this), and it so happened that the day I showed it to her was a Monday, so she was understandably happy about the coincidence.
She shared that the right foot turned backwards was a sign of demonic power. Since Bhairava is a wrathful aspect of Shiva, and kills demons, the posture was not inappropriate. Notice the demon face under that backward facing foot. The skulls of the demons he killed were strung together and worn round his neck and limbs. One of the skulls belonged to Brahma. He has a third eye which is usually closed, until the moment when he will destroy the world.
Notice that instead of Garuda behind his headdress, it is Kala. I believe Kala's creation was also related to Shiva. At the centre of the back of his belt, the motif looked like the one-eyed guardian - Bintulu.
The other thing I found out was from a website. It said that Bhairava ripped off one of the heads of Brahma with his left thumbnail. Looking at the long vicious looking thumbnails of this Bhairava, it seems possible.
I don't know the name of the mudra he is displaying.