The CTCP time command and reply has the following command format and functions.
/ctcp TheNick time
will return client time information about TheNick.
SYSTEM TheNick CTCP: TIME 14:33:14 19-Mar-2010 SYSTEM AnotherNick CTCP: TIME Fri Mar 19 14:33:22 2010
and other variations, depending on the client.
If TheNick is using a Mibbit Client, the response is always sent.
It needs to be said, that some clients allow this information to be added to, modified in such a way to lie about the time, or even block it from responding at all.