See this and/or search for similar. Explains better than I can:
Svchost.exe is a process that hosts other Windows services that perform various system functions. There can be multiple instances of svchost.exe running on your computer, with each instance containing a different service. We published a post a while back on what you can do if svchost.exe is...
helpdeskgeek.com
Svchost.exe hosts other services so it's not as easy to look at and see exactly what's running. But you can trace it back by the PID. Once you find what it is, it may be easy to just kill it and stop it from loading or more complicated if it's something that's always going to try to run and grab that port. Also might try just a simple reboot first.
Also, as above, try to kill that service and restart NetTime again and let it grab the port. Some things will restart near instantly though. Hopefully not and won't do again after a restart.