This technique is found in the Come Follow Me manual. It's difficult to have several people teaching a class, and it's also not beneficial for other students to watch just one student teach. Here's how I would do it:
Help each student prepare a brief lesson on a gospel principle, while working in pairs. The lesson will probably include thoughtful questions, scripture references or quotes from the prophets, personal experiences or ways to apply the passage, and opportunity for each of the student teachers to explain the things they know are true about the topic (bear testimony). This could be done at mutual or during a Seminary lesson.
Working with another teacher, have your pairs of students teach small groups of students in another class. This will give all students equal opportunity to both prepare and teach the lesson.
This technique does not make a lot of sense in the adult classroom, unless you're teaching mission prep or gospel principles.