A/ I guess we need to start working on this new project.
B/ Yes, it’s HIGH TIME we met and decided who is going to be responsible for what.
If you say it’s high time to do sth, you mean it should happen soon/sb should do it soon.
You may say ‘It’s high time + HE DID IT (use Past Simple)/TO DO IT (use infinitive)/FOR DOING IT (for + ing).’
Make your own sentence in the comments! :)