Heat a frying pan over medium heat. Add 2 tbsp of vegetable oil, followed by the diced onions, garlic, and carrot. Cook for 10–15 minutes, stirring occasionally, until soft and glossy.
Add a pinch of salt and 3 tbsp of the Korma spice blend. Stir well and cook on low heat for about 1 minute to release the aromas.
Transfer the mixture to a medium-sized pot. Add 500ml vegetable stock, bring to a boil, then reduce to a simmer. Cover and cook for 10 minutes.
Marinate the paneer cubes, red onion wedges, and peppers with 2 tbsp vegetable oil, a pinch of salt, and 1 tbsp of the Korma spice blend. Roast at 220°C for 15 minutes or use an air fryer to save energy.
Add the coconut milk or cream to the pot. Blend the sauce until smooth using an immersion blender. Check seasoning and adjust with salt if needed. For a sweeter korma, add honey to taste.
Mix the roasted vegetables and paneer with the sauce, or serve them as a garnish. Top with fresh coriander. Serve with rice or naan bread. Enjoy!