Set the Instant Pot in saute mode and add oil.
Once it heats, add cumin seeds, bay leaf, cinnamon, cardamom, ginger, and green chili. Saute for a few seconds.
Add tomatoes, cumin powder, turmeric powder, sugar, and salt. Mix well and saute until the tomatoes are soft.
Add the potatoes and let it saute for 2-3 minutes.
Deglaze the pot well making sure there are no bits sticking to the bottom of the pan.
Add the cabbage and peas. Mix well.
Add ½ cup of water.
Secure the Instant Pot lid and set it to pressure cook mode for 3 minutes.
Let the pressure release naturally for 5 minutes, then do a quick release.
Put the Instant Pot in saute mode for 1-2 minutes so that the excess moisture can dry.
Add garam masala and cilantro. Mix well. Serve with roti or rice.