Heat 2 tbsp butter and oil in a kadai on medium flame. Add the cardamom, red chilies and the cashews.
Add the garlic and the ginger and saute them for a few seconds.
Add the chopped tomatoes along with some salt and saute them in the butter.
Add the spice powders and the salt and mix them well with the other ingredients. Add some water, cover the kadai with a lid and cook till the tomatoes turn soft.
Switch off the stove and let the mixture cool down. Once cool, transfer it to a mixer grinder along with 1/4-1/2 cup water and grind it to a smooth paste.
Meanwhile, take some warm water in a bowl and add the cut paneer pieces to it. Let it soak for 10 minutes.
Heat up a kadai on medium flame and add 2 tbsp butter.
Add the cinnamon stick and the bay leaves.
Add the ground tomato paste to the kadai along with 1/2 cup water and let it come to a boil.
When the tomato mixture comes to a boil, add the crushed kasuri methi and cream to it. Mix well and check for the seasonings.
Add the paneer pieces and let it cook for a minute or two.
Finally add chopped coriander leaves and switch off the stove.
Serve paneer makhni hot with some rice or roti.