Hi Sonu, I'm going to correct myself and tell you to use the NetworkDiscovery class in the SDK.  The findPrinters(DiscoveryHandler discoveryHandler, List printersToFind, int waitForResponsesTimeout) function has a parameter for timeout (int waitForResponsesTimeout).  You can use this function even if you know the IP of the printer you want (List printersToFind).  My same warnings will hold true though, if you make the timeout too low, it may miss printers.  It's a callback function as well, so you don't have to worry about freezing the app while you wait.
Robin

Hi Sonu,
You can set the maxTimeoutForRead when you create a new connection.  Keep in mind, if you do this, it may miss your printer.  If the network is slow, or the printer is at the limit of it's range, or there are a lot of printers availible, all can cause it to take longer to find. 
Hope this helps,
Robin

Anybody?