CORRECT!

The Aeronautical Information Manual (AIM) (Chapter 5, Section 5-4-9: Hold-in-lieu of Procedure Turn), states, in part, that...'the procedure turn or hold-in-lieu-of-PT is not permitted when the symbol "No PT" is depicted on the initial segment being used, when a RADAR VECTOR to the final approach course is provided, or when conducting a timed approach from a holding fix'.

The hold-in-lieu of a procedure turn is a course-reversal maneuver in which the aircraft flys to a point in space where the maneuver begins, conducts the appropriate entry to the holding pattern (direct, teardrop or parallel), then reverses course to fly inbound to the fix. The holding pattern maneuver is completed when the aircraft is established on the inbound course after executing the appropriate entry. Thus, the aircraft is required to cross the fix at least twice. If more circuits are required, to lose altitude or become better established on course, the pilot must inform ATC.

The hold-in-lieu-of-PT is used when terrain or other considerations preclude the use of the familiar barbed procedure turn. The hold-in-lieu-of-PT keeps the aircraft relatively closer to the fix, containing the course reversal in a more compact area.