Salt and pepper meat. Heat oil in heavy pot over medium-high heat. Brown the meat in one layer (may take two batches), about two minutes on each side. Remove with a slotted spoon.
Add onion, garlic and chilies to pot; stir to pick up browned bits. Cook for two minutes, then add ketchup (or tomato paste). Stir and cook for two more minutes.
Pour in stock and add beef back to the pan. Cover pot and reduce heat to low. Simmer, covered, for one hour.
After one hour, taste sauce. Add additional salt, pepper or other favorite spices as needed. Then add carrots, celery and peas. Stir to combine, cover and let sit for 30 more minutes.