I definitely like the idea of the judges having the final say in who goes out. In other singing shows (e.g. SRGMP and SVOI), the judges always end up complaining that the audience don't listen to their comments, which are meant to aid the voters' decisions. So I'm glad that the judges, who are clearly more learned than us in this field, can ensure, to some degree at least, that deserving contestants do not go out purely because they're not popular enough.
But as fzohora says, the way the teams have been split (according to age and individual/group) is not the best format. With this format, you're not comparing the mentors (which I believe is the whole point of the teams), but instead, you're comparing whether group performances are better than individuals, and whether one age group is better than the other.
So I guess, though there are some aspects of the show's format that I wholeheartedly agree with, I think there's room for improvement in other aspects of it. But seeing as this is India's first season of X Factor, there are bound to be things that need ironing out, and I'm sure these issues will be sorted out in following seasons.