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Balagopal said CAG was ignoring the social and economic relevance of the entities that make these borrowings termed as off-budget by the CAG.
Sources said Isaac has been directed to appear before the probe team on Tuesday.
Minister Antony Raju also said that the government was providing funds for payment of salaries of the employees.
The crisis could affect the disbursement of employees salaries, besides adversely impacting the distribution of service and welfare pensions.
The State government will be responsible for the loans under the Guarantees Act if the borrowers fail to repay.
If this Centre-State conflict persists, Kerala's fiscal position could turn precarious.
As many as 354 projects to be completed by March 31, 2021 are still in limbo, of which 74 could not be made operational even after five years, said the report.
Not a single rupee spent by KIIFB has gone into Balagopal's deficit calculations though the CAG had wanted it.
The major reason for projects failing to take off could be attributed to the government playing to the gallery by including them in the Budget without considering if they could be practical.
Personal staff for ministers and the opposition leader was appointed for the first time in Kerala based on a government order issued in March 1959.