I am trying to launch node red with docker compose and its throwing up some error

Could you try it like this:

version: "3"

services:
  nodered:
    container_name: nodered
    image: nodered/node-red:latest
    restart: always
    environment:
      - TZ=Asia/Kolkata
    ports:
      - 1880:1880
    volumes:
      - /mnt/external/nr-personal:/data