To fix autoCAD license check out timed out , follow the below steps.
1) Open RUN command prompt, type "services.msc." then services menu will be open.
2) Select Autocad desktop app service, check the status running or not.If not in running,right click on that and select start.Then it will show running.
check the autoCAD ,if the problem is still not resolved.
3) Select Autocad desktop licensing service, check the status running or not.If not in running,right click on that and select start.Then it will show running.check the autoCAD ,if the problem is still not resolved.
Now the problem will be reolved.If the problem is still not resolved,try the other methods mentioned in the following link.