1. Cut each chicken breast into several strips, then sprinkle with salt and pepper. Melt butter in heavy large skillet over medium-high heat. Add chicken and cook until brown on both sides, about 5 minutes. Transfer chicken to plate.
2. Add green and red bell peppers and onion to same skillet and sauté until crisp-tender, about 5 minutes. Add minced garlic and crushed red pepper to skillet and sauté 4 minutes. Add heavy cream and chicken stock. Simmer until sauce thickens slightly, about 8 minutes.
3. Cut chicken into thin strips and add to sauce. Simmer until chicken is cooked through, about 2 minutes. Add basil and 1/4 cup grated Parmesan cheese to sauce, stirring to incorporate and then season sauce to taste with salt and pepper.
4. *For those not on a low carb diet, you can serve this over 8 oz. fettuccini. Just cook pasta in large pot of boiling salted water until tender but still firm to bite. Drain and return to pot. Serve sauce over pasta.
5. Serve, passing additional Parmesan separately.