Well, 'lut gaye' is not a common phrase I'm familiar with. However, when we see 'based on true story', it usually means that there is a real - life basis behind it. Maybe 'lut gaye' is some sort of local or specific term, and without more context, it's hard to say exactly, but the 'based on true story' part gives a hint that there is some truth in the overall concept.
Since I'm not sure what 'lut gaye' is exactly, it's difficult to give a proper example. But generally, if it's a story, it could be like a story about a local hero. Maybe 'lut gaye' is the name of a person in a small town and the story of his or her great deeds which actually happened in real life is what 'lut gaye based on true story' could refer to.
Kemono comics usually have unique art styles and often feature anthropomorphic animals as characters. They can cover a wide range of themes and genres.