A well-known company announces its new services and also identifies a new business name. It also announced its website (domain name) with its new business name in January 2021. The next day, James registers the same domain name in his personal name. 

Most probably, it was coincidental. James activated the domain name website after three months from the date of registration. When the well-known company came to know that there was a similar domain name, it filed a lawsuit against James, alleging bad faith on James's part in registering the domain name. 

James claims that his domain name has nothing to do with any activities of the well-known company. He further claims that he acted in good faith. Also, James mentioned that he is willing to sell the domain name to the same well-known company if it wants. 

Please discuss and provide arguments on both sides and provide your recommendation on who should this domain name belong.