Put flour, salt, and pepper in a large Ziploc bag. Place the meat in a bag with the flour and shake until well coated.
Turn on the Instant pot and select the "saute" setting. Heat 1 tablespoon of butter. Shake off the meat pieces and add half of them to the pot. Sear undisturbed until browned on the bottom, for 3-5 minutes on each side. Transfer to a plate. Repeat with the remaining 1 tablespoon of butter and beef. Transfer to a plate.
Add the tomato paste to the pot and stir for about 30 seconds. Add red wine. Deglaze the pan by scraping up the browned bits in the bottom of the pot. Cook for about 2-3 minutes or until liquid is reduced to about 2 tablespoons.
Add Vegetables and dried herbs:
Add onion, pumpkin, carrots, parsnip and potato chunks into the pot. (Please see notes)
Add oregano, thyme, garlic cloves, water, and Knorr® Selects Beef Powder. Stir to combine.
Add the browned beef and bay leaves to the pot. Stir to combine.
Close the lid and make sure the valve is set to Sealing. Push Pressure Cook (or Manual) and use the +/– button to get to 30 minutes. When the pot beeps that it's done, leave it for 10-minutes natural release. Then release the remaining pressure by moving the pressure vent to its “venting” position. Taste and add salt and pepper if needed. Don't forget to remove the bay leaves.
Serve and enjoy!
If the stew is too watery to your taste, simply select the "saute" setting and add a mixture of cornstarch and water (2 tablespoons of cornstarch and 2 tablespoon water) to the broth. Bring to a boil to thicken it.
If you are too worried about the carrot and parsnip getting mushy and want a crunchier texture, you can add them to the pot after cooking the beef at high pressure. Here's how to do it:
Once the beef is cooked for 30 minutes, let it release the pressure naturally for 10 minutes, then release the remaining pressure by moving the pressure vent to its “venting” position.
Add carrots, parsnips (cut into smaller dices, about ½ inch) and cook on high pressure for 3 minutes. Close the lid and make sure the valve is set to Sealing.
When the pot beeps that it's done, release valve to “venting” to quickly release any remaining pressure