As a matter of fact there is time limit to apply for review. Standard One-day international match playing conditions APPENDIX 7: Decision Review System (DRS) - Playing Conditions states
3 PLAYER REVIEW
3.2 The manner of requesting the Player Review
b) The total time elapsed between the ball becoming dead and the review request being made should be no more than 15 seconds. Only exception permitted is when an Umpire Review of a fair catch or bump ball. The on-field umpire should provide the player with a prompt after 10 seconds if the request has not been made at that time and the player should request the review immediately thereafter. If the umpires believe that a request has not been made within the 15 second time frame, they will decline to review the decision.
Umpire may have felt the decision was not made within 15 seconds and declined the review.
