First rinse rice and cook in any method you prefer like open pot/instant pot or pressure cooker. Add few drops of oil while cooking to get well separated strands. Bring to room temperature and keep aside.
In case of using store bought paneer, soak it in hot water for about 10 minutes. Remove it from the water and keep aside.
Now, heat a pan with oil in medium-high heat, add the ginger-garlic paste and saute for 30 secs. Follow it by onion and saute until translucent.
Now, add the tomato and give a stir. Then add the ketchup and give a quick stir.
Follow it by turmeric powder, chilli powder, pav bhaji masala powder, salt and mix well.
Add the capsicum, green chilli, give a nice stir and add ½ cup of water. Mix well and turn the flame to low-medium. Cook for a minute.
Now add the paneer cubes and stir once.
Continue to cook until the mixture gets thickened up. By now all the raw smell of masala would be gone.
Finally, add the cooked rice to the mixture and mix well until combined. Make sure not to break the rice strands. Turn off the flame.
Garnish with coriander leaves, ghee and mix well.
Serve hot and enjoy with a simple papad / raita of your choice / potato chips or just some plain yogurt