What is the purpose of BAV70 in this schematic?
If you read 9.2.2.4 of the data sheet for the LP2985 it talks about protecting the output pin from reverse current flowing into it when the power input falls low. The two diodes (wired in parallel) will prevent this from happening and therefore protect the device from latching up: -


  if the output is pulled above the input, this diode (an internal diode) will turn ON and
  current will flow into the regulator output. In such cases, a
  parasitic SCR can latch which will allow a high current to flow into
  VIN (and out the ground pin), which can damage the part.


As for the two diodes and the reset circuitry there isn't enough to go on.