Dear Jeyvenkat,
Although you query is not clear. Still for your information, plz. note that if CL is availed (in case of credit balance) to any employee in any specific month then the it will be considered as a Paid Day and the said employee will be paid equivalent to a normal working day.
Whereas, if any employee resign from the services and CL are balance in his / her Leave Account, then it will be not entitled for encashment. Only EL can be encashed at the time of FnF Settlement.
Plz. also note that, CL / SL entitlement is different from state to state.
Hope you have got your reply. Cheers.