Turn on Instant Pot on sauté and wait for 30 seconds. Now add butter and chopped onion and sauté for about one minute or until translucent.
Then add ginger-garlic paste and let it simmer for 30 seconds. Turn off sauté.
Now add tomato puree,water (depending on your cooker size), and all spices (coriander powder,allspice powder, paprika, red chili, turmeric, and cumin powder). Stir well.
Add Fenugreek leaves ¼ cup heavy cream. Save the remaining for later use. Combine well and close the lid and set the to "sealing'. Cook on Manual (high) for 3 minutes, Natural Release (NR) for 5 minutes. Release remaining pressure by moving the valve to the venting position.
When the pin drops, open the lid. Blend the mixture by using a hand blender or a mixing machine. Blend the mixture into a smooth texture. Turn on sauté.
Now add paneer cubes, ¼ cup heavy cream, and simmer for 1-2 minutes, till you reach your desired sauce consistency.
Garnish with fresh cilantro/coriander.
Serve hot with Naan or Jeera rice.