The time shown in Panchang as 27:44:45+ is not very different from standard HH:MM:SS time format followed universally. Sometimes seconds are removed when error of one minute is acceptable.
The + (plus sign) just after the Muhurta time indicates that the time is after the midnight i.e. on the next day on Gregorian or English Calendar. This is due to represent sunrise to sunrise day duration for the Hindu calendar. As per Hindu Calendar the current day doesn't get over at the midnight but it gets over at the sunrise on the next day. Even new weekday i.e. Monday, Tuesday, etc. starts after sunrise and due to this representation weekday from previous day continues till the sunrise.
All start and end timings which fall between midnight and next day sunrise are shown in 24+ hour format. It is done to maintain continuity of the day beyond midnight. To understand such timings, please subtract 24 from it. After subtraction one gets standard time for the next day on Gregorian calendar.
E.g. the time 27:44:45+ on January 12th 2013 after subtracting 24 would represent the time 03:44:45 on January 13th 2013 before the sunrise.
It would have been easy to avoid such format but to show different auspicious Yoga such as Ravi Pushya Yoga which considers weekday such representation of time is easy to understand.