Question about calling a Time Out

[South Bay HHVBC]

Situation I saw was with 3 seconds left in the game. Team A was going to put the ball into play from the base line after a made shot by team B. Team A calls time out. When both teams go back on the court, Team B throws the ball onto the court, making the ball bounce slowly towards mid court. Team A's coach instructed the team NOT to touch the ball untill it got to half court since the clock would only start after the ball is touched by a player inbounds. BUT, before anyone touches the ball, coach from Team B yells for a time out along with his players who are on the court.

Question is this.... (before i say what the ref did) Can that coach from Team B call time out before anyone touches the ball as it is bouncing on the court? No one is in possession of the ball at the time a TO is called and the clock is not running.