Heat oil in a deep non-stick pan and sauté cumin, fennel, and coriander seeds till they start to sizzle. Add in spices powders, tomatoes and season with salt. Fry for a few minutes till the tomatoes start to soften and pulp, and mix well with the spices.
Add in crumbled paneer and peppers, and mix well. Cook covered for another 4-5 minutes, stirring occasionally.