Thanks for your help guys, but a polyswitch aint feasible bcos .... actually it isn't available in the local market and ordering it from net isn't possible.
But the idea, you all suggested, of using the rise in current during overload to trigger a ckt. break and again close ckt. after certain delay is great. This I plan to put to use in some way.
Soooo......
I am thinking for building something transistorised in nature.
You must be knowing the principle of "FOLDBACK CURRENT LIMITING" usually used for overload protection in transistorised regulators.
Wellll......
I am thinking whether a similar circuit arrangement is possible over here

??
Right now, we are trying to design something on similar line....
Incase anyone knows where we might get such a circuit readymade .... it would be useful.
OR
If someone has an experience in building something of similar type they could help us with the ckt. design...... or atleast suggest the components.
Any suggestions

??
By the way we are thinking on the right line right 