UP starting center Ira Buyco, however, didnt escape punishment as he was suspended for one game for hitting Ateneo guard Macky Escalona on the face in a rebound play late in the second quarter.
Buyco will serve his suspension Saturday when UP takes on Adamson at the Ninoy Aquino Stadium.
The fiery UP slotman was the third player suspended this season after Santo Tomas Jojo Duncil and National Us Jonathan Jahnke.
The near walkout was triggered by the ejection of Lipa, who was thrown out of the game early in the second quarter after being assessed a second technical foul for heatedly contesting referees calls.
He incurred the first infraction for disputing a blocking foul call on UP rookie Miguel de Asis against a driving Ford Arao.
The Maroons left their bench and headed to the dugout when Lipa was ejected of the game. The team, however, returned shortly with the Eagles later winning the contest, 98-88.