I have a value stored in variable of type System.TimeSpan as follows.
System.TimeSpan storedTime = 03:00:00;
Can I re-store it
string displayValue="03:00 AM";
This is a point in time , not a duration (TimeSpan).
So something is wrong with your basic design or assumptions.
If you do want to use it, you'll have to convert it to a DateTime (point in time) first. You can format a DateTime without the date part, that would be your desired string.
TimeSpan t1 = ...;
DateTime d1 = DateTime.Today + t1; // any date will do
string result = d1.ToString("hh:mm:ss tt");
storeTime variable can have value like
storeTime=16:00:00;
No, it can have a value of 4 o'clock but the representation is binary, a TimeSpan cannot record the difference between 16:00 and 4 pm.