If using store bought paneer, soak in warm water for 20 minutes before you begin the recipe.
Heat 1 tbsp oil and ghee in a pot/pan on medium heat. Once the oil is hot, add cumin seeds, cinnamon stick and bay leaf. Sauté until the spices are fragrant and the cumin seeds start to sputter. Add the onion. Cook for 4 to 5 minutes until the onions are light brown and soft. Add ginger garlic paster and sauté for at least one minute. Add the chopped tomatoes, salt, turmeric, chili powder and coriander and mix well.
Cook till the tomatoes are mushy and oil should begin to separate.
Add rinsed peas to this mixture and cook for 2 minutes.
Add remaining oil to another pan. Add paneer cubes and let it brown for 2 to 3 minutes. Add paneer to the sauce and cook for 2-3 minutes. Add water without making the gravy too diluted. Cook for a few minutes until the gravy thickens. Add chopped coriander leaves for garnish. Remove from cooktop. Serve hot with Rice or Naan.