Cook the basmati rice according to package directions. Keep covered and set aside.
Bring a large pot of water to a rolling boil. Add the fresh baby spinach and blanch for 2 minutes. Immediately transfer the spinach to an ice bath, drain well, and blend into a smooth puree.
Heat 1 tablespoon of ghee in a large skillet over medium heat. Pan-fry the paneer cubes until slightly golden on the edges, then remove and set aside.
In the same skillet, add the remaining 1 tablespoon of ghee and the cumin seeds, letting them sizzle for 30 seconds.
Add the finely chopped red onion and saute until softened and lightly browned, about 5 minutes.
Stir in the ginger garlic paste and garam masala, cooking for 1 minute until highly fragrant.
Pour the pureed spinach into the skillet and let it simmer for 5 minutes. Stir in the heavy cream and season with salt to taste.
Fold the pan-fried paneer cubes back into the sauce and simmer for an additional 2 to 3 minutes until everything is warmed through.
Garnish with chopped fresh cilantro and serve hot over the prepared basmati rice.