24h clock isn't exactly military time.

14:30 in military time would be fourteen hundred thirty hours, or one-four-three-zero hours, or in written format 1430Z, Z being Zulu (UTC), or an actual offset.

"military time" is a 24 hour clock.

14:30 is almost without exception read as "fourteen thirty" in military time.

I've never seen it either of the ways you describe above.