Can you please check the below logs during the same time you get "Connection Time out" error :
1) JS Agent errorg for any messages .
2) ASE SID Error log for any errors.
Please also check if JS agent is running . You can restart it as below :
use sybmgmtdb
go
exec sp_sjobcontrol @name=NULL,@option="stop_js"
go
exec sp_sjobcontrol @name=NULL,@option="start_js"
go
Please check if this is helpful.
~Gaurav