In the end of Blue Story, Timmy meets a tragic end. The story builds up a complex set of circumstances and events that lead to this outcome. There are various conflicts and power struggles throughout the narrative that ultimately converge and result in Timmy's death. It's a very impactful moment in the story that leaves a strong impression on the viewers as it's a culmination of all the drama and tension that has been building up.
Most likely, it isn't. Usually, such characters or stories are crafted from the imagination of the author rather than being rooted in reality. There might be some elements inspired by real-life, but it's not a direct retelling of a true story.