Heat 1 tablespoon olive oil in a skillet over medium heat; cook and stir onion until slightly tender, about 5 minutes. Add garlic, coriander, turmeric, garam masala, red pepper flakes, curry powder, cumin, and salt; cook and stir until fragrant, about 1 minute.
Mix water, spinach, tomatoes, and ginger into the onion mixture; simmer for 20 minutes. Remove from heat and cool slightly, about 5 minutes.
Transfer spinach mixture to a blender and blend until smooth.
Heat remaining 1 tablespoon olive oil in a skillet over medium heat; cook and stir paneer until lightly browned, about 5 minutes. Stir pureed spinach mixture into skillet with paneer. Cook until heated through, 3 to 5 minutes.