The National Company Law Appellate Tribunal (NCLAT) recorded the consent terms by Bollywood superstar Salman Khan and Jerai Fitness on mutual settlement. The bench allowed the withdrawal of his ₹7.24 crore insolvency application bringing an end to the protracted legal battle between the two parties.
Salman Khan was named the brand ambassador for Jerai Fitness under a brand endorsement deal, which gave rise to the disagreement. The lawsuit centered on unfulfilled obligations under a 2018 trade license agreement that gave Jerai Fitness permission to manufacture and market fitness equipment using Salman Khan’s “BEING STRONG” trademark. Khan asserted that despite the sums being adjusted for disruptions caused by…