Thank you @Gerardo and @fml2 for your inputs.
I landed to a solution almost on the same lines, except that I used Task instead of Join for introducing the delay.
This task will be auto “Completed” after set timeout.
Rational behind using a task - I can control the timeout from task engine (exceptional cases).
If I need to call the API within the timeout period (I can force it from the task engine by changing the Task state to “Completed”)
In case of join timeout, I don’t have this control on the timeout.
@Holger, as I mentioned in my initial post, I have a unique id in each process instance and same is the input for API request. For this use case I feel scheduler won’t be the right candidate.