I know it's common for commercial properties (bars, restaurants) to use it in Japan to show when they stay open past midnight. I remember being intrigued the first time I saw opening times described like that, and never seen it elsewhere in the world (including the UK).
Atleast i have never written or seen anything greater than 24:00 or 00:00 in time related information here in Asia; India & Middle East, working with British & Asian teammates. I am an Indian, by birth, age in 30-35 year range.
Theo only time I have come across is when I had to count the hours between two times in an excel sheet & found that by default MS Excel formats 25:00 hours to 01:00 & I need to use [hh]:mm to bring it to 25:00