Any modern band that comes close to Mahavishnu Orchestra ?

Yeah, McLaughlin has no rivals. Back in the 70s he could have assembled one hundred somewhat different Mahavishnu Orchestras and they all would've been excellent or great.
But frankly, to be very impolite, what he has been playing for so many years, with rare exceptions with Shakti, makes no sense and sounds like a screaming of a lonely soul lost in the increasingly incomprehensible wilderness. Even the tone of his supercustom guitars is wrong, I can hear it thru youtube. Not to mention that his bandmates can't play a single note the way it is supposed to be played. Terrible, just terrible. I think, John needs some electroshock therapy. After that either he will start playing what I believe he is still capable of playing or will be gone as a musician altogether. For me either would do but former would definitely be preferred.

Try Steven Wilson. His latest album Hand.Cannot.Erase might be something that you'll like. His albums Grace for Drowning and Raven that refused to sing are also superb. Check out the song Drive Home on Raven. Wait for the guitar solo. If your system can produce deep base all of Wilson's albums have it.

Psag, I will be the first one to agree that many Mahavishnu concerts were very boring. I probably explored the entire youtube looking for those concerts. I'd say, of what I found one in twenty was great, the rest was not worth it. Same with 70s Miles Davis, by the way.
Al di Meola is much better on acoustic guitar. His 'Cielo e Terra' mesmerising album is a masterpiece, 'Hearts of the Immigrants' and "Kiss my Axe' are excellent overall. There are exceptions though: Egyptian Danza from 'Casino' and Gods' Dinner Music from 'Splendido Hotel' and a few others are excellent with him playing electric guitar.

psag---I feel the same way about Cream live. I saw them twice, and they played the recorded opening version of many of their songs, then went into really extended improvisational take-offs. The problem was that, unlike really good Jazz ensembles, wherein when one player is soloing the rest of the ensemble (particularly the rhythm section) plays in a supportive fashion, with Cream Eric, Jack, and Ginger would often all be "soloing" at the same time, walking all over each other. What a mess! Eric realized the error of his musical direction, he says, when he heard Music From Big Pink by The Band (which contains the finest ensemble playing I have yet to hear, in ANY genre). Eric told Jack and Ginger Cream was over.