Hi Praveen,
May i know what are all the versions don't have time-out feature? because currently i'm using SAP PI 7.0 / 7.1 / 7.1 EHP1 and i could see time-out parameter in the FTP communication channel.
we have faced this issue in our landscape [PI 7.0 SP 0031] and we tried to increase the time-out without setting any additional parameters in the communication channel. But the issue was not resolved not sure why. we tried all the possibilities from our end and FTP team and finally followed the note and set the parameter in advanced tab and the issue was resolved
849089 File Adapter: FTP Timeout Handling.
The above note can be applicable for the below releases
By considering the channel screenshot Narsaiah is using SAP PI 7.11, so i suggested if it can help him.
Thanks for sharing this info 
Regards
Bhargava Krishna