Odd timeout situation

[Cav0]

Hello everyone, had an odd situation in a game that was relayed to me through a family member and being someone who's always been interested in the rules the situation was presented to me and having read this board off and on for the last couple years I figured you all would have the best grasp of what could/should was/wasn't done.

So here the story as I've heard it. JV Boys game, 4 point game, home team trailing. Still early in the 4th quarter and the home team calls and is granted timeout at a stoppage in play with the ball to be inbounded by the visitors next. At this point a full timeout is asked for and reported to the table and the time is started on the scoreboard (One where you can see the timeout clock visible during the timeout). At this point the reporting offcial moves to the table and asks about remaining timeouts, both teams had 2 or 3, including 30 second timeouts, left.

After this the official sees that the visiting team is out of the timeout and begins blowing the whistle to try to encourage the home team and at the 30 second mark (ticking down from 60 on the scoreboard) announces that it was only a 30 second timeout and puts the ball in play at the disposal of the visitors who quickly move up the floor for an uncontested lay-up much to the dismay of the home coach.

As the story has been told to me his partner was still around the opposite 3 point line for the timeout and hadn't realized what had happened until the ball was already in play and in the front court. Play continued as H came quickly out of the timeout at that point. Some discussion ensued at the next dead ball but the play stood as it was called at the time which was a 2-point basket for V.

So the question is, once one official has put the ball at V's disposal following a timeout without allowing all of the time for the timeout to elapse is there anything that can be done to correct or were they stuck at that point? Thanks for reading the new guy and I appreciate your responses.