1. A method of handling an external interrupt in a multicore processor chip, the method comprising: identifying, by a system management controller, an interrupt service thread in an initial queue, the initial queue comprising threads awaiting for execution upon occurrence of an event, wherein the multicore processor chip comprises a single integrated chip that includes the system management controller, the initial queue, a ready queue, a plurality of processor elements, and a plurality of dispatch queues each corresponding to the respective processor element within the single integrated chip; receiving, by the system management controller, an external interrupt from outside the multicore processor chip; and allocating, by the system management controller, the interrupt service thread to a most available processor element of the plurality of processor elements in response to the received external interrupt by moving the interrupt service thread from the initial queue to the ready queue and from the ready queue to the dispatch queue corresponding to the allocated processor element, wherein the ready queue determines the dispatch queue to which the interrupt service thread is to be allocated, and wherein the interrupt service thread is prioritized for execution in comparison with any other threads in the dispatch queue.