Keep all the ingredients ready for the batter.
In a mixing bowl, add all purpose flour, corn flour, pepper powder, chili sauce, red chili flakes, soy sauce, and salt. Add water and make lumps free batter.
Add 4-5 Paneer cubes in the batter. Coat well and put it in the hot oil and deep fry them till it is light golden in the color.
Take out the fried paneer cubes on a tissue paper to get rid of the extra oil. Keep it aside.
In a pan, add oil and saute with chopped garlic and ginger.
Add onion and fry for 1 minute. Add chopped green chili and carrot. Stir for a second.
Add capsicum and cook for another 1 minute. Add water, pepper powder, chili sauce, soy sauce, vinegar, and salt
Let it boil for 1-2 minutes. Dissolve corn flour in 2 tbsp water and add it to the gravy with keep stirring with a spatula to avoid any lumps in the gravy. Cook for 30 seconds to 1 minute.
Add fried paneer cubes in the gravy and mix it well. Cook for 1 minute on a high flame. Switch off the flame. Serve hot with fried rice or noodles.