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Today Cloud computing is on demand as it offers dynamic flexible resource allocation, for reliable and guaranteed services in pay-as-you-use manner, to Cloud service users. So there must be a provision that all resources are made available to requesting users in efficient manner to satisfy their needs. This resource provision is done by considering the Service Level Agreements (SLA) and with the help of parallel processing. Recent work considers various strategies with single SLA parameter. Hence by considering multiple SLA parameter and resource allocation by preemption mechanism for high priority task execution can improve the resource utilization in Cloud. In this paper we propose an algorithm which considered Preemptable task execution and multiple SLA parameters such as memory, network bandwidth, and required CPU time. An obtained experimental results show that in a situation where resource contention is fierce our algorithm provides better utilization of resources.