[Nevadaref]

This case play only applies when someone on the team actually requested the time-out.
5.8.3 SITUATION E: The official erroneously grants Team B a time-out in a situation when Team B cannot have one. What happens now? RULING: Team B is entitled to use the time-out since it was granted. The time-out once granted cannot be revoked and is charged to Team B. All privileges and rights permitted during a charged time-out are available to both teams.

Since the official in the situation you described did not heed the following advice,
2004-05 POINTS OF EMPHASIS
2. Time-out administration.
A. Coaches calling. Coaches must understand that just because they've requested a timeout doesn't guarantee it will be granted. Remember, only the head coach may legally request a timeout from the bench. Officials must be sure that the head coach is making the request. That is best done by hearing the coach, then visually confirming the request by seeing the coach request the timeout. Too often officials use sound only, later to discover the time out request was from someone other than the head coach.

he must now turn to this:
ACCIDENTAL WHISTLE
7.5.4 SITUATION: An official sounds his/her whistle accidentally: (a) while A1 is dribbling and in player control; (b) while Team A is in control and passing among teammates; (c) while A1's unsuccessful try attempt is in flight; or (d) while A's successful try attempt is in flight. RULING: The ball is put in play at the point of interruption. In (a) and (b), Team A is awarded a throw-in at the nearest out-of-bounds spot to where the ball was when the whistle was accidentally sounded. In (c), the ball is put in play by the team entitled to the throw-in using the alternating-possession procedure. In (d), even though, by rule, there is no team control during this dead-ball period, the ball would be given to Team B for a throw-in anywhere along the end line. Team B would have clearly received the ball had the official not accidentally sounded his/her whistle. (7-4-4; 4-12-3,6; 4-36)