The two sides were unable to be separated following a stalemate in normal time, but goalkeeper Rydnn McGuire thwarted the final spot-kick after seven converted penalties for Rangers to secure the victory.
Coben Fergusson, Calum Young, Ben Hutton, Kyle Glasgow, Lyle Wark, Conor Owen and Jack Wyllie all netted from 12 yards as the young side showed tremendous courage against Celtic’s B team.
Among the three changes for this one from last week’s 3-0 triumph over Motherwell was a return between the posts for Rydnn McGuire.
It was a blood and thunder start in Lennoxtown, typified by the aggression of Conor Owen in the backline and captain Aiden McCallion in midfield.
There was a certain tactical aspect to proceedings as both teams sussed each other out, with Max Cameron’s effort from distance, blocked at source, the first real attempt in anger.
McGuire was called into action moments later when Rhys Dargie skipped into a dangerous area on the right and drove a low effort that the Gers goalkeeper thwarted with his legs.
Celtic tried their luck shortly after when the ball broke to Samuel Isiguzo 25 yards out, but the midfielder’s effort sailed well off target.
The visitors were forced into an early change when Alexander Smith was unable to continue, and he was replaced by Ruaridh Hall.
If not for a fantastic intervention from McGuire on the half-hour mark, then the Gers would have found themselves a goal behind, with the 17-year-old goalkeeper denying Tom Pickford from close-range.
When play broke down from the subsequent corner, Kyle Glasgow pinched possession on the halfway line and raced clear with only the goalkeeper to beat, but he was halted by a last-ditch sliding challenge from Hayden Borland as he looked to pull the trigger.
Play veered from end to the other on the stroke of half-time as Cameron fizzed wide before McGuire was again equal to the hosts’ advances when he was down low at his near post to palm Robert Rachwal’s effort to safety.
Rangers came close to breaking the deadlock ten minutes into the second half when a short corner routine was expertly lifted into the penalty area by McCallion and headed agonisingly wide by Jack Wyllie.
He came to his side’s aid minutes later, however, when Celtic worked the ball down the left-hand side and after McGuire denied the initial effort, Wyllie was perfectly positioned on the goalline to nod a thunderous effort to safety.
McCallion’s evening came to an end on the hour-mark, replaced by Calum Young, as the young midfielder’s minutes continue to be built back up following his spell out through injury.
A free-kick opportunity then beckoned for Cameron Fernie when Aiden Crilly was bundled over by Borland on the edge of the danger area, but the midfielder curled over the bar.
Moments later, Glasgow sent Cameron scampering through with a lovely slide rule pass, only for the Celtic goalkeeper to deny the Scotland Under-17 international with his feet.
A deep corner from the home side sailed inches over the head of Borland at the far post, with a similar routine down the opposite end with just minutes to play, seeing Owen’s header frustratingly cleared off the goalline.
With the sides unable to be separated in normal time, it was left to a penalty shootout to determine who would take home the bonus point.
The hosts were first to score after both sides traded penalty misses, before Fergusson got Rangers on the board with a cool finish.
Young and Hutton then continued the scoring, but Celtic had the chance to seal the victory when Finlay Hale stepped up.
McGuire, however, was equal to his effort, levelling the shootout before Glasgow, Wark and Owen all showed tremendous composure.
Wyllie breathed a sigh of relief when his penalty spun over the goalline after it appeared the Celtic goalkeeper had denied his effort, which set the stage for McGuire to be the hero as he saved from 12 yards to secure the bonus point.
RANGERS: McGuire, Hutton, Owen, Wyllie, Wark, McCallion (Young, 60), Crilly, Fernie, Glasgow, Smith (Hall, 27), Cameron (Fergusson, 78)
Subs not used: S. Reid, Hynd, J. Reid, Mensing
CELTIC: Gill, Charlton, Haney (Crawford, 74), Hale, Borland, Kennedy, Dargie (Clearie, 65), Isiguzo, Pickford (Rennie, 65), Turley, Rachwal (Keenan, 86)
Subs not used: Shaw, Sedwell, Ferns, Skorb
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