No, UPES is not AICTE approved. UPES is recognised by UGC under section 2(f) of the UGC Act. Being a university, UPES does not require AICTE approval.
As per the Honourable Supreme Court’s Judgement in the case of Bharathidasan University vs AICTE, universities only require UGC recognition and do not require AICTE approval. That’s why most of the universities in India are UGC recognised but not AICTE approved.