It is possible by writing a User Defined Function.
To display Machine Time in 12 Hour Format
1. Get the Machine Time using $$SysInfo:SystemTime.
2. Separate the Hours and Minutes using the Function StringPart or Looping Construct within User Defined Function For Token.
3. Calculate the Hours by subtracting the hours by 12 if Hour value is greater than 12.
4. Display the above Hour Value and Minutes as is.
Note: To display time in 12 hour format, a new format introduced in Release 4.7. Refer Calendar data type in TDL Reference Manual