Heat coconut oil in a pan over medium-high heat.
Once the oil is hot, add green cardamoms, cloves, cinnamon stick, peppercorns, and bay leaves and saute for 5-6 seconds.
Add onions, ginger, and garlic, and fry until the onions turn translucent. Stir frequently.
Add green chilies and curry leaves and cook until the onions turn light brown in color, stirring frequently.
Now add chicken, thin coconut milk, and salt and mix well.
Cook for 3-4 minutes, stirring very frequently. Reduce the heat to low.
Cover the pan with a lid and cook for 20 minutes. Stir a few times in between.
Add potatoes and carrots and cook until chicken and vegetables are cooked well (20-25 minutes). Stir a few times in between.
Now add cashew nut paste and coconut milk and cook for another 3-4 minutes, stirring occasionally.
Check for salt and add more if needed.
For tempering, heat coconut oil in a small pan. Once the oil is hot, add shallots and curry leaves.
Fry until shallots turn golden brown in color.
Pour the tempering over the chicken stew and mix well. Serve hot.