Time consuming items, such as Crude Horns will stop decaying, until server is back online. (crude horns have a 24 hours lifetime when inside Houses or Depots).
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But if you mean actual time:
14:35 The time is 14:18.
Then the answer is different...
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The 24 hours day inside Tibia is bounded to 1 hour in real life, starting at XX:00.
- If in real life, it is 02:00 PM, then in game it will be 00:00, because a new day starts at XX:00
- After 30 minutes, it will be 02:30 PM in real life, then in game it will be 12:00, because half day passed
- After 30 minutes, it will be 03:00 PM in real life, then in game it will be 00:00 from next day.
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That time keeps going on, even when servers are offline, so it will always be bound to XX:00 hours!