I have tried to FAQ as suggested but it has not fixed my CGI Timeout problem. I have also performed the below steps after reading other posts:
You need to set handler for .php extensions on web-site webmail(default) within IIS. It can be done via webmail > properties > Home dir tab > Configuration button > add something like "C:\Program Files\SWsoft\Plesk\Additional\Php\php.exe" for .php
That didn't help either. Can anyone help me with this?