The Cobblers are looking to bounce back to Division Two at the first time of asking and have hit form with a vengeance following a stuttering start to the season.
However Martin Wilkinson's men were denied a fourth straight win by a dramatic final minute.
The Cobblers cruised into a two-goal lead through a brace of goals from Lawrie Dudfield, but Bob Taylor's (pictured) fine curling effort on 56 minutes gave The Robins a scent of victory.
However, a disputed penalty on 73 minutes, converted by Martin Smith, restored Northampton's two-goal cushion.
Cheltenham went straight up the other end and won a spot-kick of their own. Richard Forsyth duly netted the effort to give his side renewed hope.
The Robins poured forward and won a late penalty which Forsyth netted to deny Northampton.
The action was not finished, however, as Martin Devaney broke clear in the dying seconds to net a dramatic winner for Cheltenham.
The night's other game between Cambridge and Lincoln was a drab encounter in comparison and ended goalless.
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