The suspension of Dr Neeraj Hatekar, of Mumbai University, for speaking to the media, was revoked due to 'public pressure'.
The professor was suspended on January 4 on charges of violating the code of conduct and moral turpitude by the Vice Chancellor, Dr Rajan Welukar, after he addressed a press conference on irregularities in the university on December 12, 2013.
An emergency Managing Committee meeting held on Saturday afternoon, went on for a marathon 11 hours before it was decided that the suspension would be lifted "keeping in view the public pressure and the interests of the students'.
A one-member fact-finding committee of a retired High Court judge would investigate the allegations made by the professor, convener of a Joint Action Committee for improvement of higher education.
In a press release, the University Community for Democracy and Equality, which spear-headed the student agitation against the suspension, said the revocation of suspension was a victory for campus democracy.