As mentioned in the sixteenth chapter of the tenth canto of Shrimad Bhagwat Purana , here’s a scene depicted in the form of a beautiful deity. Once upon a time in Vrindavan , Lord Krishna was playing with his cowherd friends. Suddenly, a ball from which they were playing fell into the Yamuna river where the dangerous multi hooded Kaliya Serpent was staying. Krishna decided to take out the ball back from the river and immediately jumped into the river.
At the bottom of Yamuna, Kaliya had captured Krishna in his large coils. Krishna expanded himself as he forced Kaliya to release him as well as he regained his original form. Lord jumped upon all the heads to eradicate the poison from his body so that he could no longer pollute Yamuna; danced on Kaliya’s heads assuming the whole universe’s weight beating him up with the divine feet. So, when Kaliya started vomiting and began to die, instantly Kaliya’s wives appeared in front of Sri Krishna and began to pray to Supreme Personality of Godhead with joined palms.
Hence, this posture represents the surrendered Kaliya praying to the supreme Lord and lord is blessing him, as he is also standing above his head holding the rescued ball in his right hand and Kaliya’s tail in his left hand. His right leg is upwards in the the folding position and left feet is placed on the head of Kaliya. The deity is standing on an inverted lotus which is placed on a flat stand, wearing his favourite peacock feather over his head between his jattas. He wears an Urdhava Pundra (sri vaishnav tilak) over his forehead. He is adorned in transcendental costumes and jewellery all over his body. The snake has a demigod form also which has been displayed under his hoods which symbolizes that he has appeared in this form only to join his palms in the lotus feet of Lord Krishna. The beautiful face of lord with a smile is the sweetest feature of this deity.