Berk is correct about chromed blades. This does not automatically make a kukri junk, but of course this depends on what kind of blade was chromed. All the information from my fellow forumites was spot on and very well informed.
Finely made kothimoras that were used as a manufacturers 'display' are chromed on occassion, the police in Burma (Assam) and India sometimes had chromed blades as well as the knives carried by 'pipes and drums' units.
The kukri in question here had nothing to do with any regiment. The crossed kukris with the 3 lions of Ashoka are just a poorly made decoration. The scabbard with that type chape and punched metal locket are very typical of many Indian made kukris. The 'enamelled' handle is actually a piece of cast metal that has been painted or glazed. The blade has a poor shape at the ricasso and is badly fitted to these fancy looking grips. Pretty much the kind of thing that was churned out at Dehra Dun and lots of other places to sell to the tourists in the 50s and 60s.
You didn't miss a thing when this piece went elsewhere and your estimate of $50 is about right, but if it came in a wooden case you could have doubled that.