Hi,
This may benefit your Raj, or it may be unrelated. I have had the same issue but with regards to a transport getting " stuck ", rather than timing out.... It may be worth a shot if your problem is not resolved as it is easily reversable:
Check the usr\sap\trans\tmp folder on the server, look for the <SID>.LOB file. rename the file to
<SID>.LOB_OLD ( as I mentioned - reverse this if it doesn't help by removing the _old suffix ).
Worth a try,
Let us kow how you get on regardless,
Good luck,
Andy