Rinse the rice 3-4 times and drain. Add rice, corn, 1.5 cups of water and salt to the instant pot. Press the RICE mode in Instant Pot and cook. Release the pressure naturally. Open the lid, fluff the rice gently. Transfer to a tray and let it cool.
Give a quick rinse and wipe down the Instant pot stainless steel inner pot. Start the instant pot in Saute mode.
Add oil to the inner pot once hot. To the hot oil, add paneer pieces and fry till golden brown. Remove from heat and drain on a kitchen towel.
Add more oil to the Instant Pot, if required. Add bay leaf, cloves, cinnamon, and cardamom. Saute for a few seconds.
Add the diced onion and saute until brown. Add green chilies if using.
Mix in garam masala and stir for 2-3 minutes.
Add cooked rice & corn. Stir to combine
Add the paneer pieces and mix again.
Remove from heat.
Serve hot garnished with cilantro and lime wedges.