Heat oil in a large pot over medium heat. Add onion and garlic; cook and stir until lightly browned, about 8 minutes. Reduce heat to medium-low; stir in cloves, salt, pepper, garlic powder, cumin seeds, cinnamon, red chile powder, onion powder, and ground ginger. Cook until fragrant, 3 to 4 minutes.
Stir water and tomato paste into the pot. Bring to a boil; reduce heat to low and simmer until flavors combine, about 10 minutes. Stir spinach into the pot; simmer, covered, until wilted, about 10 minutes. Uncover and cook until liquid evaporates and oil separates, 3 to 5 minutes.
Transfer spinach mixture carefully to a blender. Cover and hold lid down with an oven mitt; puree until smooth.
Pour spinach puree back into the pot. Stir in paneer and heavy cream. Cover and simmer over medium heat until paneer is heated through, 5 to 7 minutes.