Any modern band that comes close to Mahavishnu Orchestra ?


Nothing that I can find.
inna
One band that is in a similar vein is Brand X that Phil Collins, John Goodsall and Percy Jones were in for a short period in the late 70s early 80s, and that approached, at times, compositions and guitar work that were like some of Mahavishnu, albeit from a different angle. That’s the only band I can think of at the moment.

Brand X’s debut album Unorthodox Behaviour is worth a listen. Goodsall smokes in several solos.

I can't even imagine another band close to Mahavishnu; each artist was a unique star of fusion at that point in time.

John McLaughlin – guitars, vocals
Jean-Luc Ponty – violin, vocals, electric violin, baritone violin
Ralphe Armstrong – bass guitar, vocals, contrabass
Narada Michael Walden – percussion, drums, vocals, clavinet
Gayle Moran – keyboards, vocals


  https://www.youtube.com/watch?v=3Miqd-htP2E
 

I think "Weather Report" was the only sound I can recall that's even comparable.

      https://www.youtube.com/watch?v=AuAMSE_xck4



Enjoy the music.
I could never warm up to the Weather Report.
Thank you for the suggestions, I'll check them all out.
Yeah, when people like Miles Davis and John McLaughlin are gone, who will come next?
Orpheus10, by the way, once you suggested to listen to Nils Peter Molvaer, so I did. I really like his Miles inspired but very his own style.
The best concert I was able to find on youtube is called Live&direct. He plays with his original Scandinavian band, I understand. Great drummer there too.
Fairly recently I went to the live performance at BB King club in NYC of Allan Holdsworth -- Casio guitar (Soft Machine), Eddie Jobson electric violin and keyboards (UK) and Chad Wakerman(FZ drummer). They're above the level of Mahavishnu Orchestra by all possible means. 

Shortly after WTC-9/11 I visited bottom line cafe (near NYU) with performance of B.L.U.E. -- Brufford Levin Upper Extremities with following crew:
Bill Brufford -- drums
Tony Levin -- Fender bass and stick bass
David Torn -- guitars, mandolin and other unusual string instruments; synth and loops not sure of models, pedals.
Chris Botti -- trumpet, pedals
The worm-up artists were California Guitar Trio produced by Robert Fripp. 
I think the type of fusion band typified by Mahavishnu Orchestra, Weather Report, Return to Forever, Passport, Caldera, Isotope, Al DiMeola, Billy Cobham, and other 70s fusion band is that this type of jazz was supplanted by more accessible (read: melodic) smooth jazz by the likes of The Yellowjackets, Andy Narell, Bob James, Michael Franks, George Benson, Bela Fleck, and Spyrogyra.  I like both genres but they are definitely different.  Some great 70s jazz is also found on the CTI labels but tends to be more pop-oriented.