I don't think there is any right or wrong here, but school is a means where children learn lessons for the working world. Somehow you will need to impress upon him that time management and planning ahead are as important (if not more important) as the grade he earns on this particular assignment.
I'm also wondering why the concern was not addressed directly to the particular teacher who gave the assignment. That is the person (the equivalent of the boss in the working world) who maybe should have been approached with a request for additional time.
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