Rahul Khora's class 12 physics project is on the meter bridge. The meter bridge is a device used to measure unknown resistances based on the Wheatstone bridge principle of balancing a circuit so that no current flows through the galvanometer. It consists of a 1 meter long wire with resistances R and S connected at gaps, and a jockey that slides along the wire to find the null point and calculate the unknown resistance. The meter bridge procedure involves setting up the circuit with a known resistance R, finding the null point where the galvanometer shows no deflection, and using the position to calculate the unknown resistance.