Take paneer cubes in a bowl and marinate with yogurt, chilli, turmeric and coriander powders and add little salt. Keep aside for 15 minutes.
Wash and rinse the rice in water and set aside.
Grid the spices- cloves, cardamom, and cinnamon into fine powder. Keep aside.
Heat oil in a pressure cooker over medium heat. Add onion and sauté until they turn golden. Add ginger garlic paste, mint leaves and sauté for 2 minutes.
Add marinated paneer cubes and sliced capsicums and sauté for 5 minutes. Add rice and powdered spices. Mix well.
Add 3 cups of water and cover with lid. Cook till 3 whistles and turn off the flame.
Allow the pressure cooker to release its heat gradually. Once the pressure is released, open the lid and then stir gently to combine the rice and spices.
Paneer biryani is ready to serve. This dish goes well with any gravy.