In a small sauce pan, melt your butter. Add your sugar, water, salt, heavy cream. Combine and stir on medium-high heat. Bring to boil then lower the heat. Cook for a few minutes. Remove from heat. Keep in mind that the sauce will thicken while it cools.
In a large bowl, empty your pudding mix. Add milk according to package instructions. Combine. Beat in softened cream cheese along with sweetened condensed milk until mixture is smooth and creamy. Set aside.
In a separate bowl, whip up one cup of heavy cream until soft peaks are formed. Incorporate about a 1/3 of the whipped cream into the pudding mix. The rest of the whipped cream will be used to top the pudding at the end.
Line a large casserole dish (ideally around 13 X 8), with your cookies. Add your pudding mixture on top.
Add your sliced bananas. Before adding them squeeze a little bit of lemon or lime juice. This will help prevent browning.
Continue layering - I usually get about three. Once you get to your final layer, add your whipped cream. Top with your salted jaggery caramel. Add pieces of your peanut chikki. Refrigerate for at least 3 hours in the fridge before serving.