Wash spinach thoroughly under running water. Drain.
Take a big pot and add enough water to immerse the spinach. Bring it to rolling boil. Add spinach and blanch it for about 4 minutes or until spinach looks wilted and turns darker green. Switch off gas.
Immediately transfer spinach to ice cold water or running cold water (it stops further cooking and retains the green color). Drain and keep aside.
Once cooled, grind spinach along with coriander leaves to a smooth paste (add little boiled spinach water to it for easy movement).
Heat a pan and add 3 tbsp oil. Lightly pan fry the paneer and make sure it doesn't stick to the pan. Once it's lightly golden in color, transfer it to a bowl containing warm water (helps keep paneer soft).
In another frypan, heat 2 tbsp oil again. To this, add onions, ginger, garlic, green chilies and sauté on low heat till onions turn translucent. Keep stirring to prevent the garlic from charring.
Add tomato and cook till it's mushy.
Now add cashews/almonds and 1/2 cup water. Let this mixture cook tills cashews soften. Switch off gas. Cool it thoroughly.
Grind this onion mixture till its smooth.
Heat a saucepan with about 1 tbsp oil. Add the onion paste and sauté for a minute. Keep stirring it.
Now add the spinach paste and blend it well with the onion mixture. Bring it to a simmer.
Add kasoori methi powder, red chili powder, garam masala powder and salt to taste. Stir well. Now add paneer to it and mix. Simmer for another 3-4 minutes.
Finally add the cream and mix well.
Remove to a serving bowl and before serving add another drizzle of cream to it.