I am trying to repair a special multi cannel receiver and have found what seems to be faulty. Now I just tries to understand how and why it works

The schematics is drawn from my memory, but should be ok. Now, this is not an ordinary negative stabilizer circuit. The FET is in a SOIC-8 and can only dissipate low wattage. The op-amp seems to be run in comparator mode, and I cannot understand the output resistor values. If it operates as intended, it provides 21 volt at the output but looking at the schematics the 10k+47k means it will never see a value low enough to "switch" the output. And then there is no capacitance so the output from the OP is either 0 or 24 volt (assuming rail to rail).
If this is a sort of ovp, if the output is shut off, then the comparator senses low voltage and turns on again... no capacitor to slow the process down.