It appears to be a comparator triggering a monostable 555 timer. It's quite likely the circuit could be simplified by replacing the 555 timer, with an unused section of the LM339.
I don't know for sure, because the schematic is poor quality and ambiguous. Are those packages viewed from the top or bottom? I'd have to look at the data sheets to be sure, as I don't know the pinouts off the top of my head.
The circuit would be easier to understand, if proper symbols were used, rather than just showing the packages, which isn't much use, without referring to the data sheet.