In present scenario, most of the Infrastructure as a Service (IaaS) clouds use simple resource allocation policies like immediate and best effort. Immediate allocation policy allocates the resources if available, otherwise the request is rejected. Best-effort policy also allocates the requested resources if available otherwise the request is placed in a FIFO queue. It is not possible for a cloud provider to satisfy all the requests due to finite resources at a time. Haizea is a resource lease manager that tries to address these issues by introducing complex resource allocation policies. Haizea uses resource leases as resource allocation abstraction and implements these leases by allocating Virtual Machines (VMs). Haizea supports four kinds of resource allocation policies: immediate, best effort, advanced reservation and deadline sensitive. This work provides a better way to support deadline sensitive leases in Haizea while minimizing the total number of leases rejected by it. Proposed dynamic planning based scheduling algorithm is implemented in Haizea that can admit new leases and prepare the schedule whenever a new lease can be accommodated. Experiments results show that it maximizes resource utilization and acceptance of leases compared to the existing algorithm of Haizea.