For the sauce, heat oil, add onion, tomato, capsicum and saute till dark brown. Add all the seasonings. Toss and remove from heat. Cool. Grind in mixer to get smooth sauce. May strain if required.
In a pan heat butter. Add capsicum and paneer and saute 1-2 mins. Add the barbeque sauce as required and toss to coat.
Apply butter on bread and heat on pan on both sides. Remove and spread cheese spread. Keep lettuce, paneer filling, onion rings. Cut into desired shape and serve.
Note
Can replace capsico sauce with red chilli sauce. Use any bread of your variety - regular slices, hot dog roll etc.