1. In a large pot, heat 2 tablespoons olive oil.
2. Add the onions and allow it to caramelize for 30 minutes. Stir it once in a while to cook evenly. Transfer it to a bowl.
3. Put paprika, mix well and set aside.
4. Clean the pot.
5. Place the beef on a flat surface. Pat dry with a paper towel.
6. Season it generously with salt and pepper on both the sides.
7. Apply flour over the beef to cover all the sides evenly.
8. Prepare the other ingredients as per the list.
9. Take the pot, add olive oil.
10. Shake off the excess flour and place it in the pot.
11. Allow it to brown on all the sides. Remove excess rendered fat leaving around 2 tablespoons.
12. Put the carrots, tomatoes around the beef.
13. Place the thyme sprigs on one side.
14. Put the caramelized onions over the browned beef.
15. Pour the beef broth and season with pepper to taste.
16. Bring to boil, cover and simmer for 2 ½ hours and remove from heat.
17. In a serving plate serve it hot with mashed potatoes or cooked rice.