Heat 2 tablespoons oil and the ghee in a kadhai or Dutch oven over medium. Add bay leaf, black cardamom, cinnamon, cumin, and ajwain. Let them crackle, about 20 seconds.
Add the onion and ginger-garlic paste. Cook until the onion is golden, 6 to 8 minutes.
Add turmeric, 1 teaspoon Kashmiri chili, coriander, and ground cumin. Stir 20 seconds.
Add the chopped tomato and 1 teaspoon salt. Cook until the tomato is soft and the fat shows at the edges.
Stir in the makhani paste. Cook 4 to 6 minutes, stirring, until oil specks show. If it sticks, splash in a tablespoon of water.
Add the drained vegetables and toss so they are coated.
Add 1 cup water and the slit chili. Simmer 3 to 4 minutes. Loosen with a splash more water only if the gravy looks tight.
Add the paneer and cream. Simmer on low 3 to 4 minutes, just until the cubes are hot. Do not boil hard.
Stir in the sugar, crushed kasuri methi, garam masala, and cilantro. Taste. Add a pinch of salt if the cashews taste shy.