ILR HSMP 4 yrs query

[iwantILR]

Dear all
I've tried to scan through few threads before asking this question but havent found clear answer so asking here.
We are on HSMP from Sep05 and we got valid visa extended until Sep2010. With the success of JR, I'm guessing we are eligible to apply for ILR in Sep 2009. If it is true I'm thinking of the worst case which is if for some reason they reject our ILR application, is the visa until Sep 2010 still valid or do we have to leave the country within 28 days?
Thanks in advance to all
STM

[tech]

The reason for rejecting your ILR , if it holds good for rejecting your extension, your leave will be curtailed and will be asked to leave the country.
But if it is like temporary job loss or income, or looking for work, you will be fine even if your ILR is rejected.

Explain your situation in detail, if you would like to get further suggestions.