Choose the Sauté setting on HIGH(press it till the red light is under high), once it's hot, add the oil and onions. Saute them for 2-3 minutes.
Cancel the Saute. Add the bay leaf,Soy sauce, pepper, vinegar, ginger, garlic and ¼ cup of water.Mix it up and place the chicken on top.
Sprinkle the sugar on top.Do not mix.
Pressure cook on SEALING for 8 minutes.(increase the time to 10 minutes for very big drumsticks).Quick Release and open the instant pot.
You can garnish the chicken and serve as it is or if you want to thicken the sauce, follow the next step.
Remove the chicken and switch to Saute on HIGH and reduce the sauce for 10-12 minutes till its thick.
Pour the reduced sauce over the chicken, garnish with green onions and red chilli, serve hot.