Malai Kofta is by far my most favorite Mughlai dish. This one is almost similar to the recipe I've been making for years from Bawarchi.com (Saroj Kering). I usually don't need to refer to it anymore, but writing it down in case I lose it. I've also made a few minor changes.
For the kofta: Boil potatoes, peel and mash. Add Grated Paneer, salt, chopped green chillies, chopped cilantro (optional). Mix well. Fill with chopped cashews and raising. Make oblong shaped koftas. Make a paste of Maida, salt and water. Dip the koftas in the paste and deep fry till light golden brown.
For the sauce: Dry roast a few cloves, a stick of cinnamon and a few cardamoms. Grind into a coarse powder. Grind cashews. Boil onions till soft. Make a paste along with the cashews. Heat Ghee. Add the spice mix, let fry for just a couple of seconds and add the cashew and onion paste. Add ginger garlic paste (not too much). Add salt, white pepper powder, sugar, milk, grated Khoya, and fresh cream. Mix everything and let boil for several minutes. Adjust the consistency as required. Pour when hot over the koftas.
The koftas take up some time, obviously, and the logistics of having paneer, khoya and cream (oh and white pepper powder) all at the same time in the house is tricky. Other than these constraints, these are the most divine koftas on earth...