Put the sugar in a pot and let it caramelize. Add red wine, 2/3 of the cherry nectar, cloves, cinnamon, star anise, orange and lemon peel and simmer for about 10 minutes. Stir the cornflour with the remaining cherry nectar until smooth and thicken the sauce.
Whip the cream until stiff and fill into a piping bag with star-shaped spout. Spread the punch sauce on plates and arrange 2 balls of walnut ice cream and a dollop of cream on each plate. Decorate with walnuts as desired.