Generally this error indicates that there is some issue with Tomcat Server configuration in Eclipse. Best way to fix this would be to completely remove server and its reconfiguration and add it again to Eclipse.
Steps below will describe how to accomplish this.
1. Open the Servers Tab from Windows>Show View>Servers menu
2. Right click on the server and delete it
3. Create a new server by going New>Server on Server Tab
4. Click on “Configure runtime environments…” link
5. Select the Apache Tomcat v7.0 server and remove it. This will remove the Tomcat server configuration. This is where many people do mistake – they remove the server but do not remove the Runtime environment.
6. Click on OK and exit the screen above now.
7. From the screen below, choose Apache Tomcat v7.0 server and click on next button:
8. Browse to Tomcat Installation Directory
10. Click on Finish after Adding your project
11. Now launch your server. This will fix your Server timeout or any issues with old server configuration. This solution can also be used to fix “port update not being taking place” issues.