Partizan Belgrade's European ban over unpaid debts was lifted by the Court of Arbitration for Sport (CAS) on Tuesday after the Serbian club provided evidence that they had cleared overdue payments to various parties.
UEFA said in January that Partizan had outstanding debts with other clubs, employees, and local social security and tax authorities, which is in breach of European club competition licensing regulations.
European football's governing body opted to exclude the club from participating in the next UEFA club competition it would otherwise qualify over the next three seasons, a decision Partizan appealed against with the sports tribunal organisation.
Partizan gave evidence to clarify their position with the tax authorities and that they had made a "timely payment" of their debt with the other parties involved.
"Taking into account the fact that FK Partizan has satisfied this condition, the club will be eligible to compete in future UEFA club competitions," CAS said in a statement.
(Reporting by Shravanth Vijayakumar in Bengaluru)