NCAA: Coach Requesting a Timeout Under 1 Minute?

[Smoothieking]

Can a coach request a timeout during a live ball with under 1 minute left to play in the game? I cannot find any mention of this in the NCAA rule or casebook.

Situation: :22.5 left in second half. V in possession of the ball. T, who is standing next to V bench blows whistle and raises open palm to indicate a timeout has been granted to V as requested by V coach. At virtually the same time, L blows whistle and raises fist to indicate a foul on H. The officials confer and rule that timeout request came first. V coach argues that a timeout cannot be called from bench during a live ball. Officials confer, agree with V coach and decide to report the foul, which will lead to free throws for V. H coach starts arguing that the bench can call a timeout under 1 minute. L & T confer with H coach and decide, that, yes, this is correct, and re-report to the table that the timeout has indeed been granted, the foul is rescinded, and that there will be a throw in after the time out.

You can see what happened here:
https://www.youtube.com/watch?v=4hawlzWa1NE#t=2h12m12s