Studying Torah is a basic requirement for all Jews and such study is considered to be a prestigious commandment (Torah study is as important as doing all the other mitzvot: talmud Torah k'negged kulam). Setting time for Torah study (k'viat zman l'Torah) means that we show how important Torah study is by setting a specific time each day and a specific duration for such study.

But all commandments that you must do (mitzvot aseh) take precedence over studying Torah. That is, you may NOT ignore the need to do another positive commandment because you are studying!

The minimum requirements for Jews to learn:

• Men:  All parts of the Torah plus whatever halacha is relevant for them.
  Note The most important subjects for men to study are whatever is practical for them in their lives
• Women:  All halachot relevant for them, and hashkafa.