A Kobra is a khuk designed by Kumar, based on the Sirupati design but made to be much lighter. The first prototype was an old file, and the idea spread very quickly from there. As hogshead said, it is meant to be the lightest khukuri ever made but that depends on the individual kami. Even the designer himself can make a heavier-than-usual Kobra.
I bought an 18" 15oz Bura Kobra a while back. The distal tapering on the blade is quite distinct and extremely well executed, as to be expected from Bura. Other details include some of the straightest swords of shiva I have ever seen, the near absence of washboarding on the flat of the blade, and an edge that is almost perfectly in line from the grip. All this, and more, on a handmade knife from Nepal.
Performance-wise, this Kobra is fast. Every cut is effortless and can be made at very high velocities. The balance is exquisite - it is blade heavy, as a khuk should be, but it floats in your hand due to its low weight. The blade thickness is no slouch either at 5/16" at the bolster and middle, tapering off to around 5/32" near the very tip. It isn't an AK, but then again it wasn't meant to chop oak trees. I had thought the grip was too thin when I first received it, but it has since grown on me and I've become very used to it. All in all, an excellent product by the old master. If the Hanshee could be made to handle similar to this Kobra, it'll be a once-in-a-lifetime offer that shouldn't be missed.