Hello Raja,
If there is a firewall between your SAP system and Content server, then it wouldn't return "Time out" error. Hence, this is something related to the CPIC timeout set on your SAP system.
If you know a port on Content server, try to TELNET the port from your SAP system and see if it works fine.
You will have to tune gw/cpic_timeout parameter value of your system. What is the value currently set?
Besides this, also share "dev_rd" trace file created during this issue.
Regards,
Shahid Ahmed