There is no law to quantify how many days of EL/PL can be encashed. Such info is part of one's leave policy. If your leave policy is in vogue refer it's provisions. Just for an idea, 50% of days of leave in the credit of leave a/c can be permitted in a year. In your case, 46/2 = 23 days can be encashed. Balance of 23 days will remain in the credit which is open for availing. However it's subject to stipulated maximum limits beyond which, the excess days will automatically elapses. At the same time in case retiring employees on their superannuation the entire leave at credit (subject to maximum permissible for accumulation) can be encashed as 'full & final settlement'.
Mr. Kumar has aptly elaborated. Its depend on the company policy about earn leave. If company is providing encashment for the accumulated at the time of superannuation / retirement / resignation / in case of unfortunate incidence like death, the employee is entitle for encashment.
A company can make provision for leave encashment liability through life Insurance company under group Leave Encashment plan and get Income tax exemption alognwith insurance coverage.