Hello Dinesh !
I think that the documentation says it well : http://fr.mathworks.com/help/codeprover/ref/verification-time-limit-timeout.html
It is a time limit for the verification for users who are interested by having results earlier rather than waiting for longer (and more precise) results.
This is useful for example with the first verifications where users don't focus on precision but prefer to have a faster verification to make their first review.
Regards,
Alexandre
