Minimal power circuit for recupating three phase motor drive on DC
What you're describing is a variable frequency drive, or VFD. It's a very common piece of commodity hardware, and all of them do exactly what you're describing: take DC voltage and use it to drive an AC induction motor.


In essence, during motoring the transistors fire in phase with the output AC to the motor. They act as a buck converter, outputting to the motor a voltage less than or equal to the DC bus.

During braking, the transistors fire out of phase with the AC from the motor. They act as a boost converter, meaning the DC voltage output to the bus can be greater than the voltage directly output by the motor.

Of course, once the voltage gets into the DC bus it has nowhere to go. You could use regenerative braking to send that energy back to the line, but you'd need a second six-pack of transistors to do that. Or you could use resistive braking, using a transistor to apply a resistor across the DC bus when the voltage gets too high.