I have IBM Worklight 6.2 development environment with the following setup.
Oracle Java 1.7
Eclipse 4.3
IBM Worklight 6.2 Dev
The JMX timeout error in Worklight 6.2 is a known issue.
Typically when this error occurs to me, a way to resolve it is to either 'wait' a while and then to stop & restart the Worklight Server (in Eclipse > Servers view > 'play' button). Another option is to restart Eclipse.
You can also try the suggestions from the comments:
Try to edit the file WorklightServerConfig/servers/worklight/jvm.options in your Eclipse workspace, adding the line "-Dcom.ibm.ws.jmx.connector.client.rest.readTimeout=180000". Then stop and restart the Worklight Development Server.
and
Try to edit the file WorklightServerConfig/servers/worklight/server.xml and add in the section the following line, then restart and try again:
<executor name="LargeThreadPool" id="default" coreThreads="40" maxThreads="80" keepAlive="60s" stealPolicy="STRICT" rejectedWorkPolicy="CALLER_RUNS" />
Best is to open a PMR (support ticket) and request an iFix as this is due to be fixed.