Into a pot of salted boiling water, add spinach leaves and blanch for 1-2 minutes. Transfer blanched spinach into chilled water set in another bowl. This will stop the cooking process. Set aside.

Meanwhile heat oil in a frying pan over medium-high heat. Add bay leaf and cumin seeds. Sauté until the seeds splutter. Add garlic, ginger and green chilies. Sauté, stirring occasionally, for 2-3 minutes or until fragrant. Add onions. Sauté, stirring occasionally, for 2-3 minutes or until onions turn light brown. Add tomatoes. Cook, stirring occasionally, for 2-3 minutes or until tomatoes are mushy. Remove from heat. Allow to cool slightly.

Place this mixture in a food processor along with blanched spinach. Process to a smooth purée.

Heat oil in a frying pan over medium-high heat. Add ground turmeric, ground cumin, ground coriander and red chili powder. Stir fry for a minute. Add spinach purée. Stir to combine. Simmer for 2-3 minutes. Add cream. Stir to combine. Add garam masala. Season with salt. Simmer for another 2 minutes. Add paneer. Cook, covered, for 2 minutes.