Grind peppercorns and cumin seeds for masala in a coffee/spice grinder. Transfer to a food processor with the rest of the masala ingredients and process until you have a masala paste.
Heat 1 tablespoon of the oil in a large pot. Add bay leaf, cinnamon and cardamom. Fry for 1 minute.
Add masala and fry until onions start to change color.
Add onion, bell pepper, celery, carrot, cauliflower, green peas and rice. Stir fry for 1 minute.
Add raisins, garam masala, salt and 2 cups water. Bring to a boil. Reduce to a simmer and cook for 20-25 minutes, until all the water has been absorbed and the rice is tender.
Meanwhile, heat 2 tablespoons of oil in a skillet. Add paneer and fry until golden brown on all sides.
Add paneer to rice and adjust salt, if necessary. Stir to combine.