Punjabi rallied in the dying strides to deny Sublimity in the WBX.COM 'Fighting Fifth' Hurdle at Wetherby.
The big two jumped the final flight together but Sublimity took a narrow lead with the rail to help him.
But in a thrilling finish, Barry Geraghty got the Nicky Henderson-trained Punjabi (8-11) back up to snatch the verdict on the line.
Blue Bajan was third of the six runners.
Beau Michael, one of three Irish challengers, took the field along at a sensible gallop with Punjabi, Blue Bajan and Sublimity all fairly close up.
There was no change in the order until Punjabi and 2007 Champion Hurdle winner Sublimity played their cards.
They quickly stamped their authority and pulled clear as the betting suggested, and it was 2008 Champion third Punjabi who prevailed by a neck to deny Sublimity's trainer Robbie Hennessy a winner with his first runner.
Geraghty said: 'That was a good performance and he'll come on for it. He battled back really well.
'He was third in the Champion last year and he beat Sublimity at Punchestown. He's won again today so I think you'd have to say he is (a genuine Champion Hurdle contender).'
