Select sauté on the instant pot and adjust to normal. Add oil to the pot. When the oil is hot add in bay leaves, cloves, whole black peppercorns, whole dried red chili peppers, and cinnamon stick and let it sauté for a minute.
Add in onions and sauté. Let the onions turn golden, it should about 3 minutes. Keep stirring. Further add in the and ginger garlic paste and let it sauté for 30 seconds.
Add in the lamb pieces. Stir well and sauté for about 8 to 10 minutes until the lamb pieces turn brown.
Add in the whisked yogurt and mix well. Let it sauté for about 30 seconds to a minute.
Add in ground coriander, Kashmiri chili powder, ground turmeric, salt, and mix well. Sauté for a minute.
Add water. Make sure nothing is stuck to the bottom of the pot and scrape the bottom of the pot well. Select cancel. Secure the lid on the pot and close the pressure-release valve. Select manual and cook at high pressure for 40 minutes. Let pressure release naturally.
When pressure is releasing dry roast 1 teaspoon coriander seeds on medium heat in a pan. Make sure not to burn them. They need to change color slightly to dark brown and not black. Transfer the roasted seeds to a mortar pestle and crush them.
Finally, when the pressure is up remove the lid and add crushed coriander seeds all over and give a gentle mix.
Transfer to a serving bowl, discard the bay leaves, garnish it with slit serrano peppers and enjoy with steamed white rice.