Assuming the motor rotates at a speed which BEMF is higher than the DC supply, current flows through the diodes in parallel with the IGBT's. This current produces a braking torque in the motor, slowing it down. The current also flows backwards through the inverter, charging the inverter's capacitors, as well as the capacitor in the power supply. If the motor was spinning fast enough, this could overcharge the capacitors.
Assuming the capacitors can handle the resulting voltage, when the BEMF matches the voltage on the capacitors, current is not able to flow through the diodes. With zero current through the armature, there is no braking torque on the motor, which then starts spinning freely.