Soak charmagaz and cashew in a small bowl with enough water. Keep aside.
Now heat oil in a deep pan over medium heat.
When oil is hot, fry all the chopped vegetables in batches and keep on a plate lined with tissue paper.
After that, fry the paneer cubes followed by badis and transfer to the plate.
Now, to the same pan add bay leaf, cloves, black cardamom, whole red chilies, cinnamon stick and allow to splutter over low-medium heat.
Then add chopped onions and saute till translucent.
Meanwhile make a fine paste of soaked cashews and charmagaz, keep aside.
Now add ginger-garlic paste, chopped tomatoes and saute everything till raw smell goes away and everything looks little mushy.
Next add the red chili powder, turmeric powder and saute for few seconds.
Add the cashew-charmagaz paste and saute till oil starts to separate from the masala.
At this point, add all the fried vegetables and gently mix everything.
Now add the fried paneer cubes, peanuts and again give a gentle mix.
Pour 1/2 cup water, cover the pan and allow to cook for 4-5 minutes over low-heat.
When the vegetables are well cooked, turn off heat and add some fried badis.
Sprinkle some chopped coriander leaves and serve as a side dish with steamed rice, paratha, poori etc !