The suspension was revoked after a high-level committee of the university probing the issue submitted its report to JNU authorities.
The varsity, however, clarified that it does not signify a "clean chit" to the students and that the final decision in this regard will be taken after examination of the report by the Vice Chancellor.
The five-member panel was constituted on February 10 by the university, a day after an event to protest the hanging of the Parliament attack convict on his third death anniversary was held during which anti-national slogans were allegedly raised. The eight students were suspended on February 12.
"The High-Level Inquiry Committee (HLIC)constituted by the Vice Chancellor to investigate the February 9 incident that took place in JNU Campus, has submitted its report. The report is under consideration by the JNU Administration," a senior university official told PTI.
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"However, it should not be seen as a clean-chit, the decision about punishment if any or for whom will be taken after the university administration has deliberated upon the recommendations of the committee," he added.
The committee initially had three members but under pressure from teachers and students for broadening its scope, the university had added two more members to the panel.
The panel, which was granted three extensions before it finally submitted its report, also faced a challenge with the students refusing to depose before it demanding that the enquiry be constituted afresh.
The varsity, however, turned down the demand and maintained that the students will be given three chances to appear before the disciplinary committee and if they fail to do so the committee will finalise its recommendations on the basis of the evidence, eyewitness accounts, students' deposition (if any) and material available on hand.
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Earlier, in the day JUNSU President Kanhaiya Kumar, along with a delegation of students, met the Vice Chancellor who updated them about revoking of their suspension.
The students' union, which had held a protest march on the campus during the day calling the probe committee an eyewash, issued a statement saying they will not accept the enquiry committee's report.
"The working of the enquiry committee is completely non- transparent, but because it has submitted its report, the suspension technically ends. There is nothing to be celebrated or welcomed. The report of the enquiry committee has been submitted and the VC will take a final decision on it," it said.
"We hold the JNU administration responsible for this and, in particular, the Registrar. Whatever report the committee comes up with, we will oppose it, because it is illegitimately constituted," it added.