Applied text format is not considered....

While adding a snippet, selected text format is not honored while redering the same snippet for end user.
Steps for this:

1. Go to add snippet page
2. Add a administrative title
3. Add title
4. Add Content and select Plain text as a text format
5. Put following
   

         <ol>
          <li>Go to add snippet page</li>
          <li>Add a administrative title</li>
           <li>Add title</li>
          <li>Add Content and select Plain text as a text format</li>
        </ol>
   

6. Preview it

This is not honoring the the text format assigned.
Please See the snap shots for clarification.

Issue image

Expected