Place a pan on medium-heat, and add butter to it. Add in cumin seeds, bay leaf, black cardamom pods, and cloves.
Once the cumin seeds splutter, add in grated/minced onions and sauté them until they turn golden-brown. Keep stirring and make sure they don’t burn. Further add in chopped ginger garlic paste. Stir well.
Add in the spices (Kashmiri chili powder, ground cumin, ground coriander, ground turmeric) and salt. Stir well. Then add in the bell pepper and let it sauté for about two minutes.
Add in pureed tomatoes and let them sauté for 4 to 5 minutes. Moreover, keep stirring. Further add in the milk and paneer, and cover the pan with a lid and cook for 5 to 6 minutes on medium heat until bell peppers are slightly softened.
Finally add in garam masala, heavy whipping cream and Kasuri methi. Mix well and turn off the flame. Transfer to a serving bowl and garnish with some cream cilantro. Serve with naan or steamed rice.