Cut the paneer into long strips.
Lightly fry the paneer strips in a little oil in a non-stick pan. Place the paneer in warm water.
Mix the cream (malai), maida (all-purpose flour), milk, tomato ketchup or sauce and red chilli powder, till smooth.
Heat the butter and fry the onions and bell pepper (capsicum) strips till onion is pale in color.
Add the paneer, cream, and salt and cook on low heat for 10 to 15 minutes.
Serve with parathas or puris.