Set the Instant Pot to ‘Sauté’ mode and heat the olive oil.
Add the minced garlic and chopped onion to the pot and sauté for 2-3 minutes until the onion becomes translucent.
Stir in the dried Italian seasoning and red pepper flakes, cooking for 30 seconds until fragrant.
Add the undrained diced tomatoes, chicken broth, uncooked penne pasta, salt, and black pepper to the pot. Stir to combine all ingredients evenly.
Secure the Instant Pot lid and set the valve to the ‘Sealing’ position.
Select ‘Manual’ or ‘Pressure Cook’ mode and set the timer for 5 minutes at high pressure.
Once the cooking time is complete, perform a quick release by carefully turning the valve to ‘Venting’ to release the steam.
Open the lid and stir the pasta. It will appear slightly liquidy at this point.
Add the grated Parmesan cheese and heavy cream to the pot and stir until the cheese is melted and the sauce is creamy.
Sprinkle the chopped fresh basil over the pasta and stir gently to combine.
Serve immediately while hot.