Based the compensatory off policy of the company, where I am working, I can throw some light
so that you can devise your own policy, suitable to your company.
A compensatory off is nothing but an "off" in lieu of his/her working on a weekly off day or on a Holiday declared by company. Weekly off can differ, not necessary that it should always be Sunday.
If a person, after working for 6 days, instead of availing off day, and attend duty on the 7th day, then he is entitled for a compensatory off day. Some employees accumulate such compensatory off days and avail it at a stretch -this is often seen in employees who are coming from another State/District.
In our case, an employee must attend Sunday/ or another weekly off day and put in work for a minimum 7 hours, then he is entitled to get a compensatory off. He can not claim any other expenses like food or conveyance. The concerned employee need to avail such compensatory off (comp.off or c/off) within 2 months. Else, this will lapse.
Exception is given to factory workers from Odisha, Assam or Bihar/Jharkhand where they are allowed to accumulate compensatory off and avail it when they will be going to their native place, once in a year and this will help them to receive his salary in full.