Mechanics When Player Loses Shoe

[Blue37]

Last night in a college game, a player lost his shoe as he drove for a shot. The shot missed and the opponent started a fast break, then pulled it out when nothing developed. The ball was thrown out of bounds shortly after that and the player got the shoe back on.

I am not a basketball official, but I know I have seen the game stopped on the high school level in this situation as soon as the opponent is no longer attacking the basket. Is that how it should be done? What would have happened if his team had obtained possession of the ball without the clock stopping (rebound or steal or even a made basket)? Would play have continued until there was a clock stoppage?

Thanks!