Once the timer reaches 0 it resets to 1:52 on the display screen which makes it confusing for players who might think the game simply bugged and granted them a win or loss by mistake when checking the score. The timer should display 0:00
Once the match is over or timer reach 0, that 1:52 new timer is the amount of time you can stay in the arena before getting kick out. Just like in A/B, you get kick off Ranx/Mogo after a period of time after defeating the final boss. I know it get confusing especially when you are in a good match and not paying attention to the time, but it is what it is and it is working as intended
That means that you have two minutes to review the scorecard before you are automatically removed from the instance.
To my knowledge it is not consistent since sometimes in a battle the verdict will be declared when there "clearly" is still time on the clock. Other battles I have had when that this did not occur and the clock was at 0:00 to signify the time limit was over.