The paper attempts to discuss a novel emergency control scheme, at conditions of transient instabilities, using real time data from synchrophasors. The rotor instability prediction methods such as rotor angle algorithm and energy function method are discussed with applications in the prediction or detection phase and a new algorithm has been formulated to compute the amount of the load to be shed at the time of contingencies. The algorithm is also extended to find out the critical tie lines and the buses at which the load is to be shed. The proposed method is a distributive load shedding scheme and hence reduces the chances of over loading in the tie lines. The algorithm is tested with 39 bus New England system and the results are formulated and discussed.