Any modern band that comes close to Mahavishnu Orchestra ?

Give badbadnotgood a listen.

Boogie #69
https://www.youtube.com/watch?v=bV8TKHaT7X4

Velvet
https://www.youtube.com/watch?v=hx_O1wlhAgk

Inna, my top two would probably be McLaughlin and Oz Noy. 

Tostadosunidos, music aside, Oz's fingers are in slow motion.

Another great fusion band from the 70*s/80*s nobody has mentioned was Pierre Moerlen*s Gong. Great stinging guitar solos by Allan Holdsworth mixed with jazzy sax and xylophone riffs backed by Moerlens fluid drumming.  Best albums:   Shamal, Expresso ( aka known as Gazeuse ),  Time is the Key and Downwind.  Have them all on lp don*t know if cd copy is available. Someone else mentioned Brand X WITH Phil Collins which I also endorse . Sounds similar to Return to Forever with Dimeola. Also recommend the original and later version of Tony Williams Lifetime.  The later version featured Allan Holdsworth and Williams powerhouse drumming.

I did not know that Brand-X is modern band as well as Return to Forever.
I've always thought that they're 'siblings' to Mahavishnu, but definitely not 'children' with exception that there was a tour called 'Return of Return to Forever.