Yes. Put the ball back in play at the POI.
If the coach did actually request a time-out at a time when he couldn't have one by rule, then apply this:
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.
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