Heat 1 tablespoon olive oil in the Instant Pot on the 'Saute' mode for 2-3 minutes, (use this time to prepare the rest of the ingredients)
Once the oil has heated, season the chicken thighs with salt and pepper and add them to the Instant Pot
Let the chicken cook on each side for 3-4 minutes until lightly browned. Once done, take them out and keep aside on a plate.
To the Instant Pot, add chopped-up bacon, diced onions, finely chopped or minced garlic cloves. Sauté for a minute.
Add 3/4 cup chicken stock and make sure you deglaze the pot, picking up any browned bits that may have stuck to the bottom of the pot, with a spatula.
Whisk together 3 tablespoons of Dijon mustard and 3 tablespoons of honey and add it to the Instant Pot. Stir together to combine.
Add 1.5 teaspoons paprika powder and stir to combine. Let the sauce simmer for a minute.
Now add the browned chicken thighs back to the sauce.
Close the lid of the Instant Pot and set it to 'Manual' or 'Pressure Cook' function for 5 minutes. Once the cooking time is completed, press ‘Keep Warm/Cancel, so that the IP does not default to ‘Keep Warm’ mode. Let the pressure release naturally for 5 minutes and then perform a quick release of pressure.
Open up the lid of the IP and take out the chicken thighs on a serving plate and keep aside, leaving the sauce inside the IP.
In a small bowl, mix together 1 teaspoon of cornflour and 2 teaspoons of water, stir and add this mixture to the sauce.
Stir up the sauce with the cornflour-water mixture to combine, and let the sauce thicken.
To serve, garnish with chopped parsley, pour the sauce over the chicken. Serve along with crusty bread or a side of mashed potatoes and a crisp salad.