Soak the frozen paneer in some hot water and once soft, cut in cubes and keep aside. You can keep them soaked in warm water until ready to use while you make the gravy. Skip this step if using fresh paneer.
Start Instant Pot on saute mode (normal). Once its hot, add the oil/ghee and allow it to heat up.
Add the cumin seeds, bay leaves, cardamoms, cloves and cinnamon stick. Once cumin seeds start spluttering add the onions & saute till they turn translucent.
Next add green chilies (optional), ginger & garlic paste and cook till raw garlic smell disappears.
Stir in the the tomato puree/paste followed by all the ingredients listed under “Dry Indian Spices”, salt, pepper powder and ketchup (optional but highly recommend) & mix until well combined.
Now add the paneer cubes and peas along with 1 cup of water. Mix well, make sure nothing is sticking to the pot.
Cancel the saute mode. Close the Instant Pot lid with vent to sealing. Cook on manual (pressure cook) mode at high pressure for 3 mins followed by quick release.
Open the lid, crush the dry fenugreek leaves between your palms and add it. Mix to stir and adjust seasoning and water consistency as needed.
To take it up a notch, start the instant pot on saute mode and add in the cream, mix and saute for 2-5 mins. If your tomato gravy still tastes sour even after adding cream add a pinch of sugar to cut the sourness down.
Top it with some coriander for garnishing and serve warm with serve warm with some zeera rice or naan/paratha/roti with side of salad.