When you create a COBOL project in Visual Studio you would normally start with:
'File' > 'New' > 'Project' > 'COBOL'
You then have the option of 'Managed' or 'Native'.
Managed COBOL provides extensions to COBOL to support the .NET framework.
It's compiled with the ilgen directive to run on .NET
Native COBOL code is compiled to run on the Micro Focus runtime. So if you are bringing a standard Net Express application into Visual Studio, and want to recompile and run using the standard Micro Focus runtime, then you'd build it as Native.
To determine if a COBOL project is Native or Managed is to go to the Properties for the project.
On the 'Application' tab if it shows a 'Target Framework' eg .NET Framework 4.6.1 or .NET Framework 4.5.2 or something similar then it is a Managed .NET Framework project.
But if the 'Application' page just shows 'Output Name' 'Output Type' etc then it is a Native (unmanaged) application and is being built for the Micro Focus runtime instead for the .NET Framework.