I was trying to start the Azure Storage Emulator running the AzureStorageEmulator.exe from command prompt. But I end up getting an error saying there is a port conflict with an existing application

I tried checking for the default port and realised it is being used by the process System

Is there any way I can release this port for use by the Emulator?
PS: I know we can change the ports from AzureStorageEmulator.exe.config but I am keeping that aside as the last option
The Azure Storage Emulator is now deprecated. Microsoft recommends that you use the Azurite emulator for local development with Azure Storage. Azurite supersedes the Azure Storage Emulator. Azurite will continue to be updated to support the latest versions of Azure Storage APIs. For more information, see Use the Azurite emulator for local Azure Storage development.
Try to use the Azurite and let me know if face any issue we are happy to assist you.
AzureStorageEmulator.exe status suggests it wants to use ports 10000-10002 and netstat -abno suggests Docker is already using 10000, 10001
You can also refer to this thread https://stackoverflow.com/a/59854137 which provides some idea on your scenario
Windows Azure Storage Emulator – Error: Unable to start the storage emulator.