In general, an error message that indicates a "time out" means there is a network communication interruption between the controller and the PLC.
Check and/or replace the cables between the PanelView and the MicroLogix.
The MicroLogix will also have some Ethernet diagnostic information available in its port status registers that you can read with RSLogix 500, but that's likely to just tell you "there are problems with the network wiring".