Hey DV,
Yes it is. You can speak to you one of the members of the postgraduate committee about how the transfer process can be done. Be warned that they may not be too happy about it, though.
You will need to find another supervisor who will be willing to take you on. You will have to give a reason and explain why it is no longer feasible for you to stay where you are, and that you have tried all the options possible. The university that you want to go to, may also have their own regulations. But if you contact the potential new supervisor, they may be able to help you through this and explain what the requirements are.
Best of luck