Put the cashews in a small bowl with 1/4 cup hot water. Cut the paneer into cubes and cover with hot water in a separate bowl.
Blend the tomatoes to a smooth puree. Chop the onion. By the time the onions are cooking, the cashews will be soft enough to blend.
Cook the masala
Heat oil and butter in a wide pan over medium heat. Add cumin seeds and the bay leaf. Let the cumin crackle, about 20 seconds.
Add the onion and a pinch of salt. Cook 7 to 8 minutes, stirring, until the onion is soft and light gold. Do not take it to deep brown or the gravy will taste like a different curry.
Add ginger paste and garlic paste. Cook 1 minute until the raw smell goes.
Add tomato puree, turmeric, Kashmiri chilli, coriander powder, cumin powder, garam masala, and the remaining salt. Cook 6 to 8 minutes on medium heat, stirring often, until the masala thickens and oil collects at the edges.
While that cooks, drain the cashews (save the soaking water) and blend to a completely smooth paste. Add a splash of the soaking water if the blender needs help.
Finish the curry
Stir the cashew paste into the masala. Cook 2 minutes. The gravy will thicken fast. Loosen with 1/2 cup water until it looks like a spoon-coating takeout gravy, a little looser than you want on the plate. It tightens as it sits.
Lower the heat. Drain the paneer. Add paneer, cream, honey, crushed kasuri methi, and a pinch of garam masala. Stir gently for 2 minutes. Do not boil hard after the cream goes in.
Taste for salt. Turn off the heat. Rest 2 minutes, garnish with cilantro, and serve.
Notes
Start the soaks first. That is how this stays under 30 minutes.If the gravy looks grainy after cream, the heat was too high. Take it off the burner and whisk. Next time, cream goes in on low.I added paneer with the tomatoes once so it simmered the whole time and turned rubbery. Paneer goes in for the last 2 minutes only.For more heat, add 1 chopped green chilli with the ginger-garlic. Keep Kashmiri chilli for color either way.Almond swap: blanch 12 almonds, peel, and blend the same way. The gravy will taste a little less sweet.Jain: skip onion and garlic. Bloom a pinch of hing with the cumin, use 1 1/2 cups tomato puree, and blend 15 to 18 cashews so the gravy still has body.Vegan: extra-firm tofu, patted dry, instead of paneer; oil only; cashew cream instead of dairy cream.Store in an airtight container in the refrigerator for up to 3 days. Reheat on low with a splash of water or milk. Freeze the gravy without paneer for up to 1 month, then add fresh soaked paneer when you reheat.