An employee is eligible for a comp-off only when he/she has worked on the weekly offs or on public holidays, to meet business requirements.
The compensatory off policy is to ensure that employees are compensated with some time off for the extra efforts they put in, by working on holidays. This will reduce the strain and enable them to take care of their personal activities.
Comp Off Leave is defined in the leave rules depending on the company policy. Also the Comp Off Leave policy depends and varies from one company to another.