Heat the ghee or oil in a kadhai or deep, heavy-based pan over medium heat, add the paneer, and fry for about 5 minutes, or until golden brown all over. Remove with a slotted spoon and drain on kitchen paper (paper towels).
Reheat the ghee or oil in the same pan, add the bay leaf and whole spices and fry for about 1 minute, or until they change color.
Add the ground spices, season with salt, and pour in 4 tablespoons of water. Stir-fry over medium heat for 2 minutes.
Add the ginger, paneer, peas, and 500ml / 18fl oz (2 1/4 cups) water. Bring to the boil, reduce the heat, cover, and simmer for 5-7 minutes, or until the peas are cooked. Adjust the seasoning, if necessary.
Working in batches, dip the paneer pieces into the batter, then carefully lower them into the hot oil and deep-fry for 2-3 minutes, or until golden brown. Remove with a slotted spoon and drain on kitchen paper (paper towels).
Place the fried paneer on a serving dish and pour the sauce over the top.