You will be provided with feedback following your oral examination; this feedback may not be what you were hoping for and the Examiners may tell you that they are recommending (to the Board of Examiners) that you have not met the MSc standard for your project.
Assuming that the November Board of Examiners uphold your examiners' recommendation (which is likely) you will not be able to graduate in January.
The Board of Examiners will assume that any student registered for the MSc will wish for the opportunity to be allowed to revise and resubmit their project and will consider the case accordingly. Although it is not necessary for you to write specifically asking for the opportunity to resubmit, if there are any extenuating circumstances which may have affected your ability to devote appropriate time to your project work, you should ensure that the Exam Board is aware of these circumstances so that they may take them into account when considering whether to allow a resubmission.
Assuming that the Board allows you the opportunity to resubmit (which will depend on the mark returned by your assessors for your oral and dissertation performance and any other related information that you have submitted in accordance with the advice above), then you will have until the end of the following March to revise and resubmit your work (for a maximum mark of 50%). The resubmitted work will then be considered by the next meeting of the MSc Exam Board in May/June; if then successful, you would be able to graduate in July. Should the Board make this recommendation, your student access will be extended to the end of March to enable you to undertake the necessary work, have continued access to the University resources and apply for an extension to your student visa (if applicable).
If you wish to anticipate the November Board's decision you may commence work on the revision before they meet (NOTE: this would be at your own risk, as it is possible that they decide you do not, after all, need to resubmit, or they may decide NOT to allow you the opportunity to resubmit). The department can make arrangements for you to have continued access to the University facilities if you wish, to assist in this effort - in which case please make a request through your Course Office However, even if you make the necessary revisions and resubmit early (i.e. before November), the November Board will ONLY consider your original submission. If you wish to take up this option, you should discuss with your supervisor the recommendation that will be made to the Board regarding a possible resubmission and what you would need to do to bring your work up to the necessary standard so you don't waste your time.
If you have already been offered the opportunity to resubmit once, it is extremely unlikely that you will be given another chance should you fail again at resubmission.