crashmeister wrote:
I am extracting a time value from a date. I want the result as a string in HH:MM format.
This means that each component (HOUR and MINUTE) needs to be padded to two characters, so I get 06:05 and not 6:5.
A more specific solution to your post, which asks how to extract HH:MM format from a date, would be something like this:

A valid date-time is in cell A2. The formula in B2, which extracts the time and formats with padding, is:
=RIGHT("0"&HOUR(A2),2)&":"&RIGHT("0"&MINUTE(A2),2)
The result in B2 is in HH:MM format.
SG