I read about this in Indian School of Business website and Kellogg also is showing interest in this. Check the link herehttp://www.apbm.org/about-apbm/ace-college-credit/
Reread that page. Nowhere does it say Kellogg is interested in this credential -- only that this Association encourages people from its program to apply to Kellogg.
I've never heard of this credential and wouldn't pay any attention to it, personally. Whether b-school admissions officers care about it is a question for them. It looks like kind of a waste of time and money to me, because if you're basically qualified for a top program, b-schools are going to want to see you illustrate how you are unique and bring individual interests and passions to the class -- not that you spend your time chasing meaningless credentials.