Stellite 12 alloy-powders were overlaid on 410 stainless steel valve seat by plasma transferred arc(PTA)process. Variation of microstructure and hardness of overlaid deposit with aging time at $750^{circ}C$ was investigated. The deposit showed hypoeutectic microstructure, which was consisting of primary cobalt dendrite and networked $M_{7}C_{3}$type eutectic carbides. After aging new M_{23}C_{6}$ carbide was formed by the partial decomposition of $M_7C_3$ type eutectic carbides and finely dispersed $M_{23}C_6$ type carbides were also precipitated in the matrix. Hardness of the deposit was increased with increase of aging time at $750^{circ}C$ and showed maximum value at 35hours. After showing maximum value, it was fallen down again at 70hours because of overaging. The increase of hardness in aging is ascribed to the formation of new stable $M_{23}C_6$ type carbide by the partial decomposition of $M_7C_3$ type eutectic carbides and also precipitation of finely dispersed $M_{23}C_6$ carbides in matrix.