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Default CONDITIONAL STATEMENT

I'm trying to test a cell D5 which contains a time eg '07:00' to see if falls
within a time range or is blank or to print it if it is within range. Excel
indicates an error???

=if(or(D5, 06:30, D58:00), "CHECK TIME" , D5)

I've tried other simple statements, but none work! Help!!
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BANJO
 
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