Heat sufficient oil in a kadai and deep fry the sliced onions till well browned. Cool slightly and grind into a fine paste. Grind cashewnuts into a fine paste using water.
Heat ghee in a pan, add green cardamoms, black cardamom, cloves, cinnamon, peppercorns and bay leaf. Once they crackle add mushroom pieces and sauté. Add khoya/mawa and sauté for two minutes.
Add brown onion paste, cashewnut paste and sauté. Add turmeric powder, red chilli powder and mix. Add yogurt, mix well and cook for two to three minutes. Add coriander powder, cumin powder and salt. Mix well.
Add boiled peas and cook for three to four minutes. Add fresh cream and mix. Add paneer cubes. Sprinkle garam masala powder, mix and serve hot.