This should do the trick :)

Try all 24 hours; one for each pass. Determine which hour it is and set MTIM05 to the decimal value of the number of minutes past that hour. Note this means that the real time will only update ONCE for every 24 passes through the program.

    2545  IF($LOC14 .GT. 24) THEN $LOC14 = 1 ELSE $LOC14 = $LOC14 + 1
    2550  $LOC15 = CRTIME - $LOC14
    2551  IF($LOC15 .LE. 1 .AND. $LOC15 .GT. 0) THEN MTIM05 = CRTIME - $LOC14 ELSE GOTO 2560

Convert the decimal minutes to real minutes

    2553  MTIM05 = MTIM05 * 0.6

Add the hour and the minutes

    2555  MTIME5 = MTIM05 + $LOC14
    2560  GOTO 2545

I needed the same thing for my DesigoCC project.  Made the point using the time format.  Shows up correctly as "clock time" in CT graphics but Desigo only shows digital time.  This leads me to think this is an Insight/CT feature.  I'm sure there is a way to modify the properties of a point in Desigo to reflect "clock time".

As for PPCL, there is a way of extracting the integer value convert the remaining decimal value, then add them together for a decimal separated time that can be 12 or 24 hr clock...did it once for a helicopter landing time stamp program.