Block api requests for 5 mins if API rate limit exceeds in Web API

[GorvGoyl]

As mentioned on the Wiki page, I can rate limit the API based on the authorization token header of API call.
But, how can I block the api call for the next 5 minutes if this api rate limit exceeds? Also, not that any request within next 5 minutes will reset the rate limiting exceeded time.

I checked the code but couldn't find this feature. Is there any way I can do this?