VS COBOL supports TIME-OF-DAY special register which Enterprise COBOL does not support. It is not project specific term.
And there is no TIME function as Murali says.
FUNCTION CURRENT-DATE will give the time also.
For VS COBOL
MOVE TIME-OF-DAY to x(06)variable
For Enterprise cobol
MOVE FUNCTION CURRENT-DATE(9:6) to variable.
Format is HH:MM:SS, this should help you. Please let me know if you need anything else.