Start the instant pot in sauté mode. Heat oil and add panang curry paste. Sauté for a minute.
Add ¼ cup of coconut milk. Mix it with the paste, and cook for a minute. Add chicken pieces and sauté for 2-3 minutes. Now add the remaining coconut milk and Kaffir Lime Leaves.
Pressure cook mode at high pressure for 3 minutes. Do a 5 minute NPR, which means let the pressure release naturally for 5 minutes, then quick release the pressure manually.
Now change the instant pot setting to sauté mode. Add bell pepper, peanut butter, brown sugar, fish sauce, lime juice and half of the Thai Basil leaves.
Cook for 2-3 minutes until there is a gentle boil. The veggies will cook a little, but still hold their crunch. Garnish with the remaining thai basil leaves and crushed peanuts.