Senior Congress leader P Chidambaram on Wednesday slammed the BJP-led government, saying its “wrong approach” drove companies to insolvency and said the opposition had been vindicated by the Supreme Court order on defaulters.

The former finance minister said the Congress manifesto, released on Tuesday, criticised the BJP-led government for its “one-size-fits-all approach” to the Non-Performing Assets problem. “The BJP government’s wrong policies broke the back of companies in steel, power and coal sectors. Its wrong approach drove those companies into insolvency.

The Supreme Court on Tuesday quashed the RBI’s February 18, 2018 circular which directed banks to move against defaulters under the Insolvency and Bankruptcy Code on their failure to pay up within 180 days from March 1, 2018.