I have made the required changes to make this work. First, had to make the change in single-portfolio.php at line number 45 –
echo '' . do_shortcode(htmlspecialchars_decode($project_info));
and the earlier change was undone. We had to preprocess the contents before applying the shortcode here.
Second, had to change the file framework/functions/utility-functions.php at line number 256 to add the below condition –
case 1: $style_class = ''; break;
to help style the content when column_count=1 for this shortcode. These changes can be useful to others and hence will be part of next update and hence no need to worry about losing them if you upgrade.