PLACE steak and half each of the onions, green pepper halves and garlic cloves in Dutch oven. Add water and bay leaf. Bring to boil on medium-high heat; cover. Simmer on low heat 2 hours or until steak is tender.
CUT remaining onion and remaining green pepper halves into thin slices; place in large skillet. Finely chop remaining 2 garlic cloves. Add to skillet with dressing; mix well. Cook on medium-high heat 10 min. or until vegetables are tender, stirring frequently.
DRAIN steak mixture, reserving 1/2 cup cooking liquid for later use; place steak in shallow pan. Discard vegetables cooked with the steak. Use 2 forks to shred steak. Add to vegetable mixture in skillet; mix well. Cook 2 min. Stir in reserved cooking liquid and remaining ingredients; cook 5 min. or until heated through, stirring occasionally. Serve over hot cooked rice, if desired.