Time starts from 3 minutes instead of 00
Initial time value is not correct (:03) minutes instead of (:00)
Time should be correct

When we set the isSpinLoop to false, the default value in the dialog is 01:00 AM:
https://www.infragistics.com/products/ignite-ui-angular/angular/components/time_picker.html#change-delta-and-spin-mode
For the default mode isSpinLoop = true, we should manually set the value, but it cannot be 01:00 AM, because if the user change the itemsDelta to {hours:2, minutes:5} e.g. we no longer have 01 as item in the hours section. I guess we can only change the minutes?
@kdinev @StefanIvanov What do you think?
As we discussed this seems like the most minimalistic solution that gives a more expected and desirable default state
Now it looks better, I just tested the PR with variety of scenarios and not having the minutes to start from the 3rd minute item is a better solution:

Great job on the reaction time @sstoyanovIG
Most helpful comment
As we discussed this seems like the most minimalistic solution that gives a more expected and desirable default state