So, Mighty No. 9 is primarily being worked on by Comcept, an independent studio founded by Inafune. Inti-Creates is helping with production of the game but it is Comcept's game. Azure Striker Gunvolt is being developed solely by Inti-Creates, as I understand it. Also, it's worth noting that this game is coming out this summer, while Mighty No. 9 is currently slated for 2015, so they won't be competing with each other.
Keige Inafune is an Executive Producer, which means he is always heading up multiple projects. He likely has a Producer working under him for each project in production. The reality is that he is heading up some awesome projects, but his day to day interaction on the production of each game is probably minimal. It's the nature of being this senior in the game industry. I imagine people like Miyamoto's role is not too dissimilar these days.
There's some info here about the team leading development of the game:
http://www.destructoid.com/inafune-s-ne ... 1589.phtml