Passing the object around and calling resume will likely work. Don't forget to set up recovery too. You can test it all easiest by trying with DummyXAResource implementations to check they are called when you expect.
Thanks a lot for the confirmation Tom. As of now everything seems to be working correctly.
I have one more query. Do I need to explicitly call OTSManager.get_current().suspend() after all the operations in the server side are done?
Yes I believe that would be advisable for your scenario.