Boil 6 cups of water in a large pot over high heat. Cook the penne pasta following the package directions until it reaches al dente. Drain the pasta, rinse it with cold water, and set it aside.

In a large pot over medium-high heat, add the butter, olive oil, and diced onion. Cook for 3-4 minutes until the onion becomes translucent.

Stir in the diced red bell pepper, minced garlic, Cajun seasoning, dried basil, paprika, ground black pepper, salt, and cayenne pepper. Cook for an additional 3 minutes.

Add the chicken pieces and cook for about 6-8 minutes until the chicken is no longer pink inside.

Mix in the Parmesan cheese, heavy cream, cream cheese, and chicken broth. Cook for 8-10 minutes until the sauce thickens.

Add the cooked and drained penne pasta, stirring well to coat the pasta in the creamy sauce. Cook for an additional 2-3 minutes.

Serve hot, optionally garnished with freshly chopped parsley.