Place 1 Tablespoon olive oil in the Instant Pot and select "saute" setting.
Season the chicken with approximately 2 teaspoons salt as the oil heats up.
Place the chicken skin side down and sear for 2-3 minutes, until the chicken lifts away easily. Remove from the Instant Pot and add remaining oil.
Rinse rice until water runs clear and then add to the Instant Pot.
Saute rice for 3 minutes, then turn off saute setting.
Place chicken over the rice, then add bay leaf and water to the pot.
Secure lid and select "poultry setting" for 10 minutes.
Natural or quick release, remove bay leaf, then stir in lime juice, remaining salt and cilantro.