First thing I would do is check all ulimits and kernel settings are set per 12.1.1 installation guide:
Oracle E-Business Suite Installation and Upgrade Notes Release 12 (12.1.1) for Linux x86-64 (Doc ID 761566.1)
Restart the app server and see if it starts and stops OK. Sometimes these processes do not work as expected when a server has not been rebooted in a long time.
Since you are on Solaris, I would add that if you recently upgraded the 10.1.3 appsutil JDK/JRE to anything above 1.6.0_30, I would downgrade back to what you had previously. I have seen similar timeout issues on Solaris with recent 1.6 releases.
Exactly, recently upgraded the components from jdk 1.5 to 1.6, Oracle Application Server 10g 10.1.3.0 to 10.1.3.4 and OA Framework from 12.0.6 to 12.1.1