No, it is the core remnant of a Gas Giant world that has lost all of it's atmosphere due to solar flares from the Red Dwarf star (most of them are flare stars anyway). Did I mention that it is in Orbit 0?
The core is very rich in metals, especially heavy metals, so there is a considerable mining and depending on population, refining operation.
I've used this in my campaign, too.
Planets orbiting M-class stars may be devoid of life on land due to flares but support abundant life below the surface of the sea where it is protected from deadly radiation.
A moon that spirals in to the Roche limit and breaks apart may create a transient ring feature around a terrestrial world as well as leaving a broad swath of craters ringing the planet. It could be relatively fresh, with big chunks still in orbit and raining fire on the planet , or it could have happened long ago, leaving old, weathered craters on the surface and a wispy dust ring in space.
Worlds that orbit close to the inner or outer limits of the habitable zone may be mostly desert or ice, with a small comfortable area at the poles or the equator respectively. An eccentric orbit could moderate conditions for a portion of the planet's year.
A world with an eccentric orbit around an M-class star may not be tidally locked to the primary, but rather enjoy a 3:2 spin resonance.
A significant axial tilt, or none at all, creates interesting surface conditions, as does fast or slow rotation.
Traveller already provides for exotic atmospheres like methane, ammonia, hydrogen, chlorine and fluorine. Combining these with extremes of temperature and pressure can make for new challenges.