Your best option would be to change the data type of the Value
column to DateTime. If that's impossible for some reason, and you really, and I do mean really must keep datetime values in a varchar column, and you need to change the string representation of the datetime value, you can use a double conversion:
UPDATE ParadataDetail
SET Value = Convert(varchar(2048), Convert(datetime, Value, 100), 120)
WHERE MetaDataId = 29
If your sql server version is 2012 or higher, you better use Try_convert:
UPDATE ParadataDetail
SET Value = Convert(varchar(2048), Try_Convert(datetime, Value, 100), 120)
WHERE MetaDataId = 29
This will set all the values that can't be converted to datetime as null.