It is not possible to use VE Console in Control Panels. An attempt to open VE Console results in Timeout for console initialization has expired error message.
There are multiple REST callback invocations in
/var/log/IM/PACI-im.log on the Instance Manager:
2017-01-01 10:20:30,229 () DEBUG RESTCallbackInvoker [Local Scheduled Executor thread] - Invoking REST callback [http://10.20.30.40:3344/ve-console/a1234c56-7890-12db-b3f4-567890123a45], rc 
The following error message follows the above invocations:
2017-01-01 10:20:31,330 () DEBUG Pipeline [Local Scheduled Executor thread] - REST callback done with rc = RETRY_LIMIT_EXCEEDED 2017-01-01 10:20:31,330 () DEBUG Pipeline [Local Scheduled Executor thread] - pipeline #31768 [(CONFIGURE_CONSOLE for: VeId [customerId=1234567, name=test]), created at node [im1], step 2 (<wrap-up>), mode: EXEC, state:CALLBACK, reqIs: null] - all done
The issue is caused by closed 3344 port on the Management Node. This port is used by OACI Service Controller to receive callbacks by Callback Listener from the Instance Manager when the console has been initiated on the PCS side.
When the port is closed:
In order to resolve the VE Console unavailability, open port 3344 on the Management Node so the REST callbacks could be received by OACI Service Controller.