Heat the instant pot in SAUTE mode.Add oil and whole spices- Bay leaf, cardamom and Cinnamon Stick.
Add the onions and ginger garlic paste. Saute till translucent ,about 2-3 minutes.
Add the tomatoes, tomato puree, cashews, spices- turmeric, coriander powder and chilli powder.Cancel SAUTE mode.
Add ½ Cup water, close the lid and PRESSURE COOK on HIGH for 4 minutes.Quick Release at the end of the 4 minutes.
Open the lid, Use an immersion blender to make a smooth puree.
Add paneer(or tofu),peas and honey.Close the lid again and PRESSURE COOK for 1 minute on HIGH.Quick release after 1 minute.
Open the lid- Optional - add kasoori methi(dried fenugreek),cream and garam Masala
Garnish with cilantro leaves and serve hot.